• Bitcoin [BTC]’s social dominance has grown tremendously since the start of the year, with its market dominance increasing by 5% since 1 January.
• Data from cryptocurrency social analytics platform LunarCrush reveals that there are more people talking about BTC now than the last time it was at its current market cap.
• An assessment of BTC’s performance on the daily chart revealed that its uptrend remains strong, with its Open Interest increasing by 63% in the last month.
Bitcoin has been the talk of the town since the start of the year, with its market dominance increasing by 5% since 1 January. Data from cryptocurrency social analytics platform LunarCrush reveals that there are more people talking about Bitcoin [BTC] now than the last time it was at its current market cap. This can signal a surge in investor sentiment and could suggest that the king coin’s price may be nearing a peak.
However, an assessment of BTC’s performance on the daily chart revealed that its uptrend remains strong. Open Interest, which measures the number of traders holding open positions in the asset, has increased by 63% in the last month. This indicates that more traders are buying into the asset, which could be a sign of bullish sentiment.
In addition, Bitcoin’s social dominance has grown tremendously since the year began. According to LunarCrush, “there are actually more people talking about $BTC now than the last time it was at its current market cap.”
Analysts have also pointed to the growing use of Bitcoin as a hedge against inflation and the weakening US dollar. In addition, increased institutional interest in the asset has seen the king coin’s price skyrocket in the last few weeks.
As a result, Bitcoin has been able to maintain its position as the most valuable digital asset. With its market capitalization currently standing at over $1 trillion, the king coin is well on its way to becoming a mainstream asset.
In conclusion, the growing social dominance of Bitcoin, coupled with its strong performance on the daily chart, suggest that the king coin’s price could continue to rise in the near future. This could be further boosted by increased institutional demand and a weakening US dollar, which could result in more investors turning to Bitcoin as a hedge against inflation.
