As Social Media Interest in Bitcoin Decreases, XRP and ETH Stand Out

  • According to data from on-chain analytics firm Santiment, BTC’s social volume has decreased since its rise in March.
  • Sharp price movements draw attention to any cryptocurrency, so social media users begin to participate in large amounts of discussion around the coin.
  • The US Securities and Exchange Commission’s (SEC) consecutive lawsuits against Binance and Coinbase caused widespread panic in the market.

While interest in the cryptocurrency Bitcoin is decreasing on social media, XRP and Ethereum are starting to stand out.

Interest in Bitcoin Decreasing on Social Media

Bitcoin (BTC)

According to data from on-chain analytics firm Santiment, BTC’s social volume has decreased since its rise in March. Here, “social volume” is a metric that represents the total number of text documents that mention the relevant asset on various social media platforms (such as Reddit, Telegram, and Twitter) that users are currently participating in.

This indicator does not take into account the actual amount of discussion that takes place in any post; that is, even if a text document term is mentioned several times, its contribution still remains as one unit. The benefit of this limitation is that it provides a better picture of how much it is being discussed by general users. If there were no limitation, a long, isolated post with a large amount of cryptocurrency reference alone could affect the indicator itself.

A graph showing the social volume trend of Bitcoin, Ethereum, BNB, and XRP:

bitcoin-ethereum-xrp-sosyal-hacimleri

As seen in the above graph, Bitcoin showed a significant increase in social volume in March, as the value of the asset first experienced a sharp decline, then recovered with a speculative rally.

Sharp price movements draw attention to any cryptocurrency, so social media users begin to participate in large amounts of discussion around the coin.

However, after peaking in April, the asset’s price was generally in a downward trend. Social volume also followed a downward trend with it, but the indicator observed a small increase during the recent volatility event. High volatility caused widespread panic in the market as the US Securities and Exchange Commission (SEC) sued Binance and Coinbase consecutively. As previously mentioned, it is not uncommon for social volume to increase during such rapid fluctuations in price.

Ethereum, XRP, and BNB also experienced an increase in discussions related to them during this event and exceeded the levels they had seen in the last few months. It is clear that volatility has contributed to this, but it is also possible that the slowdown in discussions about Bitcoin has contributed to this. Investors are seen to be gradually losing interest in BTC and focusing on alternative cryptocurrencies such as XRP.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin (BTC) is “Super Cheap” at $69k: Adam Back Rejects Post-Halving Crash Predictions

Legendary cypherpunk and Blockstream CEO Adam Back offers a contrarian view on Bitcoin's price action. Get expert insights on market sentiment, halving predictions, and BTC's long-term value potential.

Ethereum’s Pectra Upgrade: Enhanced UX, Wallet Innovation, and Community Debate (ETH)

The Ethereum Pectora upgrade promises a revolution in wallet functionality. Get insights on the debate surrounding its groundbreaking features and their potential impact on the Ethereum ecosystem.

Bitcoin (BTC) Price Retreats Amid Gold’s Record Surge; Analysts Eye Re-accumulation Phase

Find out why Bitcoin's momentum stalled as gold soared to new highs. Explore expert insights on BTC's price trajectory and the significance of re-accumulation patterns.

Litecoin (LTC) Surges in Popularity, Surpassing 5 Million Long-Term Holders

Discover the reasons behind Litecoin's surge in popularity and why investors are increasingly choosing LTC for long-term holdings. Get insights into the future potential of this established cryptocurrency.

Bitcoin Nears Bullish Breakout – Pi Cycle Top Metric Hints at Potential Price Surge

Get the latest insights on Bitcoin's price action, the significance of the Pi Cycle Top metric, and expert predictions for potential price movements.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Bitcoin BTC’s Path to Recovery: Will the Upcoming Halving Trigger a Rise Above $71,400?

This analysis delves into Bitcoin's immediate future as it approaches a critical halving event, exploring potential movements above key resistance levels.

Bitcoin (BTC) Surges Past $70k: Could $75k be the Next Target?

Bitcoin (BTC) has made a decisive move above $70,000, indicating bullish momentum. This article delves into the factors driving the surge, technical analysis, and what investors should watch for in the near term.

NEO Launches Uptrend to $25! Current NEO Analysis

Analyzed NEO's 3-hour chart, showing upward trend post $14.80 resistance breakthrough, eyeing $15.18 resistance; potential long positions suggested at $14.636 - $14.448 support range with a stop loss at $13.90, as NEO aims for $25 target amidst over 5% gains.

Is Litecoin Ready to Launch its Rise to $140? Current LTC Analysis

When examining LTC's technical chart, a downward trend is observed in recent days. The nearest support is at the level of 91.86 dollars. The support range between 97.61$ and 99.07$ on the 4-hour chart is significant. For long positions, the support range of 92.41$ - 91.07$ can be expected.

Bitcoin (BTC) Surges Past $70k: Could a Rally to $75k be Next?

Get expert analysis on Bitcoin's breakout above $70,000. Discover what's driving the price action, key levels to watch, and potential scenarios for BTC's near-term future.
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Bitcoin (BTC) is “Super Cheap” at $69k: Adam Back Rejects Post-Halving Crash Predictions

Legendary cypherpunk and Blockstream CEO Adam Back offers a contrarian view on Bitcoin's price action. Get expert insights on market sentiment, halving predictions, and BTC's long-term value potential.

Ethereum’s Pectra Upgrade: Enhanced UX, Wallet Innovation, and Community Debate (ETH)

The Ethereum Pectora upgrade promises a revolution in wallet functionality. Get insights on the debate surrounding its groundbreaking features and their potential impact on the Ethereum ecosystem.

Bitcoin (BTC) Price Retreats Amid Gold’s Record Surge; Analysts Eye Re-accumulation Phase

Find out why Bitcoin's momentum stalled as gold soared to new highs. Explore expert insights on BTC's price trajectory and the significance of re-accumulation patterns.