• Bitcoin’s social dominance has grown significantly since the beginning of the year, with its price increasing as bullish sentiment lingers in the market.
• Data from cryptocurrency social analytics platform LunarCrush revealed that the spike in BTC’s dominance and its price in the last 27 days has resulted in a spike in discussions around the king coin.
• An assessment of BTC’s performance on the daily chart revealed the uptrend remained strong, as Open Interest in the leading coin increased by 63%.
Bitcoin’s social dominance and price have been on a meteoric rise since the beginning of the year, a trend that has been reflected in many cryptocurrency social analytics platforms. Data from the LunarCrush platform revealed that the spike in BTC’s dominance and its price in the last 27 days has resulted in a spike in discussions around the king coin.
At the time of writing, Bitcoin’s dominance in the market stood at 44.18%, up by 5% since the start of the year. LunarCrush reported that “there are actually more people talking about $BTC now than the last time it was at its current market cap.” This is an indication of the euphoric sentiment among investors and traders, which usually signals that the crypto asset’s price may be nearing a peak and a drawdown in price may follow.
However, an assessment of Bitcoin’s performance on the daily chart revealed that the uptrend remains strong. The leading coin’s Open Interest showed an increasing trend since the start of the year, and a 63% increase in the last month, according to data from Coinglass. This suggests that more traders are holding open positions in the asset, which can signal bullish sentiment in the market.
The growth in the general cryptocurrency market since the commencement of the 2021 trading year has been a major factor in Bitcoin’s social dominance and price growth. With more investors and traders actively participating in the market, the king coin is likely to continue its meteoric rise in the near term.