Social trends favor BTC and ETH over altcoins, reveals Santiment
Crypto market data analytics platform Santiment has seen the rise in mentions of the two biggest cryptocurrencies by market cap on social media.
Santiment suggests that Bitcoin (BTC) and Ethereum (ETH) are enjoying greater popularity as topics of discussion ahead of the release of the Consumer Price Index (CPI) data, which tracks the US inflation rate.“At the end of last week, things were upbeat for cryptocurrencies as recoveries took place across the industry. However, prices are volatile and are pulling back as the July 13th CPI approaches. BTC and ETH are seeing increases in discussion fees.”
The analysis suggests that the proportion of Bitcoin-related discussions relative to all other crypto topics “has rapidly increased on social media platforms.”
BTC’s social dominance is now at its highest point since June 2021. “Historically, the focus returning to BTC bodes well for crypto enthusiasts.”
“Bitcoin social sentiment is seeing an unprecedented level of optimism this week as we enter the second half of July and the US Federal Reserve’s upcoming interest rate hike decision.” The analysis further suggests that “an ideal setup would be for the public to remain skeptical as prices rise with little resistance.”
On altcoins, Santiment’s analysis says that as the market stagnated and then dropped again over the weekend, “general market-related discussions continue to fall.” So altcoins, in particular, are seeing “a serious drop in public interest.”