With the recent trend in the crypto market, the world-leading digital asset seems to be getting attention. From the general price fall for all crypto tokens, Bitcoin is one of the assets that has seen a drastic cut in its value. BTC has plunged by over half of its value as of November 2021. As a result, many participants in the industry have shown considerable concern and focus on the trend of BTC. Such attention to Bitcoin had invariably pushed the token to have a spike in its social dominance metric. Data from Santiment revealed a rise in the yearly high for the BTC Social Dominance metric. The firm noted an increase in people’s interests and discussions concerning the most significant global crypto asset by market cap. It maintained that since June 2021, the Bitcoin vs. other crypto discussion ratio has skyrocketed on social media. Suggested Reading | Ethereum (ETH) Continues To Lose Luster, Drops Below $1,100 Support The rise is mainly linked to the drastic price dip as BTC recently hovers around the $20K level. This spike in social dominance is recorded historically as a positive indication for BTC and the broader crypto market. Also, the crypto bulls would benefit immensely from the rising trend. Altcoins Have Different Sentiments Most of the altcoins have different stories to tell. However, for Dogecoin and Shiba Inu, there are progressive strengths seen in their prices. This robust stance is due to the backing the...
