Home Ethereum Social trends shift in favor of Bitcoin and Ethereum as altcoins take back their seat: Crypto analytics firm Santiment

Social trends shift in favor of Bitcoin and Ethereum as altcoins take back their seat: Crypto analytics firm Santiment

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Social trends shift in favor of Bitcoin and Ethereum as altcoins take back their seat: Crypto analytics firm Santiment

Crypto analytics firm Santiment claims that social media mentions of the two largest crypto assets by market capitalization have soared amid price volatility.

The analytics company said Bitcoin (BTC) and Ethereum (ETH) are enjoying increasing popularity as talking points ahead of the release of Consumer Price Index (CPI) data.

“Towards the end of the work week last week, things were looking up for crypto as recoveries were occurring in the sector. However, prices are volatile and retrace as the July 13 CPI approaches. Both BTC and ETH are seeing an increase in chat rates.

Source: SantimentFeed/Twitter

The CPI tracks the US inflation rate.

According to Santiment, Bitcoin’s dominance on social media platforms as a topic discussion is at a 12-month high.

“The ratio of Bitcoin-related discussions to all crypto topics has rapidly increased on social media. BTC’s social dominance is now at its highest level since June 2021. Historically, the return of attention to BTC is a good sign for crypto bulls.

Source: SantimentFeed/Twitter

In the case of Bitcointhe analysis company said the flagship crypto asset is seeing relatively high levels of optimism across social media platforms this week.

“Bitcoin social sentiment is seeing an unprecedented level of optimism this week as we head into the second half of July and the next Federal Reserve Bank. [interest rate] decision. An ideal setup would be for the crowd to remain skeptical as prices climb with little resistance.

Source: SantimentFeed/Twitter

On altcoins, Santiment said they have seen a “serious drop” in interest as talking points amid falling crypto prices.

“As crypto has remained stagnant and prices have started to decline again since the weekend, we can see that participants and general market-related discussions continue to decline. Altcoins, in particular, are showing a serious decline in l crowd interest.

Source: SantimentFeed/Twitter

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Featured image: Shutterstock/zeber/Sensvector

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