• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
Bitcoin

Bitcoin “Social Dominance” Surges As Altcoins Struggle

Hououin Kyouma by Hououin Kyouma
3 weeks ago
in Bitcoin
Reading Time: 3 mins read
Advertisement
Advertisement

Data shows that Bitcoin’s social dominance has surged to high values recently as interest in altcoins among investors has waned recently.

Bitcoin Social Dominance Is Now At Its Highest Level Since September 2022

As per data from the on-chain analytics firm Santiment, attention has returned to BTC recently. “Social dominance” is an indicator that tells us what share of the discussions happening on social media currently involve a specific cryptocurrency (which, in the present case, is Bitcoin).

A relevant metric here is the “social volume,” which measures the total amount of social media text documents that make at least one mention of the given asset. The text documents here include a variety of social media-related pieces, like tweets, forum posts, Reddit threads, telegram chats, etc.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

A key feature of the metric is that it counts any text document only once regardless of how many times it may contain the keyword (and obviously, there has to be at least one mention for it to be counted at all). For example, if a long forum post contains “BTC” 10 times, the post still contributes only 1 unit towards the asset’s social volume.

The social dominance works by comparing this social volume of BTC (or any other asset) with the combined social volume of the top 100 coins according to market cap.

Naturally, whenever this indicator has a high value, it means Bitcoin is making up for a high percentage of the total crypto-related discussions that are taking place on the internet. Such a trend suggests that the interest in the original cryptocurrency is high currently.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Related Reading: Dogecoin Whale Withdraws $5 Million In DOGE From Binance, Bullish Sign?

Now, here is a chart that shows the trend in BTC’s social dominance over the last few months:

Bitcoin Social Dominance

The value of the metric seems to have been quite elevated in recent days | Source: Santiment on Twitter

As displayed in the above graph, Bitcoin’s social dominance has sharply surged recently as the prices of most altcoins have observed declines. BTC itself has taken a beating in March so far, but its losses have still been smaller than a lot of the other assets in the sector.

The current value of the indicator is the highest it has been since the September of last year. This high social dominance of the cryptocurrency suggests BTC has been taking up a large part of investor attention recently.

Related Reading: This Bitcoin Metric Is Forming A ‘Triple Bottom,’ Here’s What Happened Last Time

The better strength of Bitcoin as compared to the altcoins also means that investors may have been leaving alts during the past couple of weeks and buying into BTC instead.

“Higher Bitcoin social dominance historically has initiated market rebounding,” notes Santiment. If this past pattern follows now as well, then the current strength of BTC may be building towards a sustainable recovery push in the coming days.

BTC Price

At the time of writing, Bitcoin is trading around $22,000, down 7% in the last week.

Bitcoin Price Chart

Looks like BTC has continued to be flat recently | Source: BTCUSD on TradingView
Featured image from André François McKenzie on Unsplash.com, charts from TradingView.com, Santiment.net
Tags: Altcoin InterestaltcoinsbitcoinBitcoin InterestBitcoin Social Dominancebtcbtcusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Hououin Kyouma

Hououin Kyouma

Loves to write, enthusiastic about cryptocurrency. Currently studying Physics at university.

Related Posts

Bitcoin

Is Bitcoin’s Security at Risk? Experts Weigh In

5 hours ago
Bitcoin Bull

Bitcoin Net Taker Volume Nears In On Bullish Crossover

12 hours ago
Bitcoin price up

Why Is The Bitcoin Price Up Today?

17 hours ago
Bitcoin At $26,900: Is It Well-Positioned For Breakout Despite Potential Drop?

Bitcoin At $26,900: Is It Well-Positioned For Breakout Despite Potential Drop?

1 day ago
Shanghai

Are We At The Early Stages Of A Bitcoin Bull Market? Bitfinex Analysts Reveal

1 day ago
Bitcoin Mining

Bitcoin Miners Transfer Large Amount To Exchanges, Sign Of Selling?

1 day ago

Premium Partners

Play Finance

Trending Projects

  • 4 Best Upcoming ICO For 2023

    1 week ago
  • Crypto Investment for Long Term Growth in 2023

    1 week ago
  • 5 Cryptocurrency To Invest In 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
  • The Future Of The Crypto Industry And One Of Its...

    13 hours ago
  • Don’t Miss TMS Network (TMSN) 100x Growth Train; Algorand...

    16 hours ago
  • Riding The 2023 Bull: How Bitcoin, Ethereum, And SignUp...

    17 hours ago
  • Three Unique Top Presales To Buy in 2023: RobotEra...

    17 hours ago
  • Meta Masters Guild On Track to Become Web3’s Largest...

    18 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.