{"id":522275,"date":"2023-03-08T13:00:42","date_gmt":"2023-03-08T13:00:42","guid":{"rendered":"https:\/\/wncen.com\/?p=522275"},"modified":"2024-06-11T07:00:38","modified_gmt":"2024-06-11T07:00:38","slug":"bitcoin-social-dominance-surges-altcoins-struggle","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-social-dominance-surges-altcoins-struggle\/","title":{"rendered":"Bitcoin “Social Dominance” Surges As Altcoins Struggle"},"content":{"rendered":"

Data shows that Bitcoin’s social dominance has surged to high values recently as interest in altcoins among investors has waned recently.<\/p>\n

Bitcoin Social Dominance Is Now At Its Highest Level Since September 2022<\/h2>\n

As per data from the on-chain analytics firm Santiment<\/a>, attention has returned to BTC recently. “Social dominance<\/a>” is an indicator that tells us what share of the discussions happening on social media currently involve a specific cryptocurrency (which, in the present case, is Bitcoin).<\/p>\n

A relevant metric here is the “social volume<\/a>,” which measures the total amount of social media text documents that make at least one mention of the given asset. The text documents here include a variety of social media-related pieces, like tweets, forum posts, Reddit threads, telegram chats, etc.<\/p>\n

A key feature of the metric is that it counts any text document only once regardless of how many times it may contain the keyword (and obviously, there has to be at least one mention for it to be counted at all). For example, if a long forum post contains “BTC” 10 times, the post still contributes only 1 unit towards the asset’s social volume.<\/p>\n

The social dominance works by comparing this social volume of BTC (or any other asset) with the combined social volume of the top 100 coins according to market cap.<\/p>\n

Naturally, whenever this indicator has a high value, it means Bitcoin is making up for a high percentage of the total crypto-related discussions that are taking place on the internet. Such a trend suggests that the interest in the original cryptocurrency is high currently.<\/p>\n

Related Reading: Dogecoin Whale Withdraws $5 Million In DOGE From Binance, Bullish Sign?<\/a><\/div>\n

Now, here is a chart that shows the trend in BTC’s social dominance over the last few months:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been quite elevated in recent days | Source: Santiment on Twitter<\/a><\/pre>\n
As displayed in the above graph, Bitcoin’s social dominance has sharply surged recently as the prices of most altcoins have observed declines. BTC itself has taken a beating<\/a> in March so far, but its losses have still been smaller than a lot of the other assets in the sector.<\/p>\n
The current value of the indicator is the highest it has been since the September of last year. This high social dominance of the cryptocurrency suggests BTC has been taking up a large part of investor attention recently.<\/p>\n
Related Reading: This Bitcoin Metric Is Forming A \u2018Triple Bottom,\u2019 Here\u2019s What Happened Last Time<\/a><\/div>\n
The better strength of Bitcoin as compared to the altcoins also means that investors may have been leaving alts during the past couple of weeks and buying into BTC instead.<\/p>\n
“Higher Bitcoin social dominance historically has initiated market rebounding,” notes Santiment. If this past pattern follows now as well, then the current strength of BTC may be building towards a sustainable recovery push in the coming days.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $22,000, down 7% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC has continued to be flat recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Andr\u00e9 Fran\u00e7ois McKenzie on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows that Bitcoin’s social dominance has surged to high values recently as interest in altcoins among investors has waned recently. Bitcoin Social Dominance Is Now At Its Highest Level Since September 2022 As per data from the on-chain analytics firm Santiment, attention has returned to BTC recently. “Social dominance” is an indicator that tells us what share of the discussions happening on social media currently involve a specific cryptocurrency (which, in the present case, is Bitcoin). A relevant metric here is the “social volume,” which measures the total amount of social media text documents that make at least one mention of the given asset. The text documents here include a variety of social media-related pieces, like tweets, forum posts, Reddit threads, telegram chats, etc. A key feature of the metric is that it counts any text document only once regardless of how many times it may contain the keyword (and obviously, there has to be at least one mention for it to be counted at all). For example, if a long forum post contains “BTC” 10 times, the post still contributes only 1 unit towards the asset’s social volume. The social dominance works by comparing this social volume of BTC (or any other asset) with the combined social volume of the top 100 coins according to market cap. Naturally, whenever this indicator has a high value, it means Bitcoin is making up for a high percentage of the total crypto-related discussions that are taking place on the internet. Such a trend suggests that the interest in the original cryptocurrency is high currently. Related Reading: Dogecoin Whale Withdraws $5 Million In DOGE From Binance, Bullish Sign? Now, here is a chart that shows the trend in BTC’s social dominance over the last few months: The value of the metric seems to have been quite elevated in recent days | Source: Santiment on Twitter As displayed in the above graph, Bitcoin’s social dominance has sharply surged recently as the prices of most altcoins have observed declines. BTC itself has taken a beating in March so far, but its losses have still been smaller than a lot of the other assets in the sector. The current value of the indicator is the highest it has been since the September of last year. This high social dominance of the cryptocurrency suggests BTC has been taking up a large part of investor attention recently. Related Reading: This Bitcoin Metric Is Forming A \u2018Triple Bottom,\u2019 Here\u2019s What Happened Last Time The better strength of Bitcoin as compared to the altcoins also means that investors may have been leaving alts during the past couple of weeks and buying into BTC instead. “Higher Bitcoin social dominance historically has initiated market rebounding,” notes Santiment. If this past pattern follows now as well, then the current strength of BTC may be building towards a sustainable recovery push in the coming days. BTC Price At the time of writing, Bitcoin is trading around $22,000, down 7% in the last week. Looks like BTC has continued to be flat recently | Source: BTCUSD on TradingView Featured image from Andr\u00e9 Fran\u00e7ois McKenzie on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":522289,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[87949,142,428,87948,87947,1119,1144],"class_list":["post-522275","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin-interest","tag-altcoins","tag-bitcoin","tag-bitcoin-interest","tag-bitcoin-social-dominance","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin "Social Dominance" Surges As Altcoins Struggle<\/title>\n<meta name=\"description\" content=\"Data shows that Bitcoin's social dominance has surged to high values recently as interest in altcoins among investors has waned recently. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin “Social Dominance” Surges As Altcoins Struggle","url":"http:\/\/wncen.com\/news\/bitcoin-social-dominance-surges-altcoins-struggle\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-social-dominance-surges-altcoins-struggle\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?fit=2560%2C1710"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin interest","altcoins","bitcoin","bitcoin interest","bitcoin social dominance","btc","btcusd"],"dateCreated":"2023-03-08T13:00:42Z","datePublished":"2023-03-08T13:00:42Z","dateModified":"2024-06-11T07:00:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin “Social Dominance” Surges As Altcoins Struggle\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-social-dominance-surges-altcoins-struggle\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-social-dominance-surges-altcoins-struggle\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?fit=2560%2C1710\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin interest\",\"altcoins\",\"bitcoin\",\"bitcoin interest\",\"bitcoin social dominance\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-03-08T13:00:42Z\",\"datePublished\":\"2023-03-08T13:00:42Z\",\"dateModified\":\"2024-06-11T07:00:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/andre-francois-mckenzie-iGYiBhdNTpE-unsplash-scaled.jpg?fit=2560%2C1710","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/522275"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=522275"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/522275\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/522289"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=522275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=522275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=522275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}