Social Trends Sway in Favor of Bitcoin and Ethereum As Altcoins Take Back Seat: Crypto Analytics Firm Santiment

Cryptanalysis firm Santiment says social media references to the two largest crypto assets by market capitalization have skyrocketed in the midst of price volatility.

Analytical company To tell Bitcoin (BTC) and Ethereum (ETH) are becoming more popular topics of discussion prior to the release of consumer price index (CPI) data.

Things were looking for crypto as the sector-wide recovery took place towards the end of last week’s working week, but as the July 13 CPI approaches, prices fluctuate and go retroactive. And ETH both have a sharp rise in discussion rates. “

The CPI tracks inflation in the United States.

According to Santiment, Bitcoin’s dominance on social media platforms topic The height of the discussion is 12 months.

“The proportion of discussions related to Bitcoin and all crypto topics is growing rapidly on social media. BTC’s social dominance is at its highest level since June 2021. Historically, back to BTC. Focusing on that is a bullish sign of cryptocurrency. “

For Bitcoin, an analysis company To tell Major crypto assets are experiencing a relatively high level of optimism on social media platforms this week.

“Bitcoin’s social sentiment shows an unprecedented level of optimism for the second half of July and the next quarter of the Federal Reserve Bank this week. [interest rate] decision. The ideal setting is to remain skeptical of the crowd as prices rise with little resistance. “

For Altcoin, Santiment To tell They experienced a “serious decline” in interest as a topic of debate amid falling crypto prices.

“We can see that the overall discussion between participants and the market continues to decline as cryptocurrencies continue to stagnate and prices begin to fall again over the weekend. Especially Altcoins has seen significant crowd interest. It shows that it is declining. “

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