Santiment, a cryptocurrency analytics platform, states that a key metric is showing bearish mode for the most traded cryptocurrency, Bitcoin (BTC). As the social dominance level of Bitcoin, or the discussion rate of Bitcoin relative to altcoins, is currently at 13.15%.
Santiment Analysis
As per the analysis done by Santiment, the price of crypto generally starts to increase when the social dominance level reaches above 20%. The analytic platform further states that the long-term traders are currently waiting for the flagship crypto asset’s social dominance level to rise again before potentially re-entering in the market.
On October 14, 2022 Santiment posted the tweet that “Traders are chasing short-term pumps right now to salvage losses. Weak hands dropped out of crypto in 2022, and long-term traders are waiting for ביטקאָין to begin receiving the spotlight again. When BTC social dominance is high, prices typically rise.”
Source: https://www.thecoinrepublic.com/2022/10/16/santiment-suggests-a-key-metric-seems-bearish-for-bitcoin/