{"id":563757,"date":"2023-12-04T13:00:48","date_gmt":"2023-12-04T13:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=563757"},"modified":"2024-06-11T11:20:27","modified_gmt":"2024-06-11T11:20:27","slug":"bitcoin-triumphs-41000-heres-prevent-50000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-triumphs-41000-heres-prevent-50000\/","title":{"rendered":"Bitcoin Triumphs Over $41,000, But Here’s What Could Prevent $50,000"},"content":{"rendered":"

Bitcoin has broken past the $41,000 level during the past day, but FOMO could be the number one danger to a further surge towards $50,000.<\/p>\n

Bitcoin Social Dominance Has Spiked Following The Rally<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, signs of euphoria have appeared among Bitcoin traders following the latest climb in the asset’s price.<\/p>\n

The main indicator of interest here is the “social dominance<\/a>,’ which is based on another metric called the “social volume<\/a>.” This latter indicator basically tells us about the amount of discussion related to a given topic that is happening on the major social media platforms right now.<\/p>\n

The metric tracks this by going through each post\/thread on these platforms to see if they are making mentions of the topic or not. However, rather than counting the number of mentions themselves, it separates the posts and counts the total number of them instead.<\/p>\n

Related Reading: The Big Move: Crypto Pundit Predicts When Bitcoin Will Reach A New ATH<\/a><\/div>\n

Because of this approach, a more organic overview of the market becomes apparent, as the indicator will only spike when discussions are happening across social media, rather than inside just one or two large threads.<\/p>\n

The social dominance compares this social volume of any given coin against that of the top 100 cryptocurrencies combined. Thus, whenever this indicator shoots up, it means that the mindshare related to the asset is going up among social media users.<\/p>\n

Now, here is a chart that shows the trend in both the Bitcoin social volume and social dominance over the past year:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have registered a large spike during the past day | Source: Santiment on X<\/a><\/pre>\n
As displayed in the above graph, the Bitcoin social dominance observed a huge increase when the Bitcoin price broke above $40,000<\/a> during the past day. This implies that users shifted focus toward BTC from the other coins after this rally.<\/p>\n
While some attention is healthy (it’s even required, otherwise the move would become unsustainable), too much hype has often not turned out to be favorable for the cryptocurrency in the past.<\/p>\n
An example of this is clearly visible in the chart, where the BTC rally hit its brakes back in March of this year after the social volume and social dominance both registered significant spikes.<\/p>\n
Going by this, the current even higher values of social dominance could be a worrying sign for the asset’s hopes of rallying toward the $50,000 mark. Though, so far, BTC has still been able to continue its climb despite this development, as it has now broken past the $41,000 barrier as well.<\/p>\n
Related Reading: Bitcoin Price Blasts Past $41,500: Here Are The Reasons<\/a><\/div>\n
In the end, it comes down to whether the discussions have a bullish or a bearish view. More of the latter would provide better chances for the rally to continue. As Santiment explains, “FUD & FOMO toward the ongoing ETF confirmation dates will dictate whether $50,000 arrives sooner rather than later.”<\/p>\n
BTC Price<\/h2>\n
It would appear that Bitcoin isn’t done with its surge yet as the coin has now risen above $41,800, inching closer to $42,000.<\/p>\n
\"Bitcoin<\/p>\n
BTC has enjoyed some sharp uptrend during the past day | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has broken past the $41,000 level during the past day, but FOMO could be the number one danger to a further surge towards $50,000. Bitcoin Social Dominance Has Spiked Following The Rally According to data from the on-chain analytics firm Santiment, signs of euphoria have appeared among Bitcoin traders following the latest climb in the asset’s price. The main indicator of interest here is the “social dominance,’ which is based on another metric called the “social volume.” This latter indicator basically tells us about the amount of discussion related to a given topic that is happening on the major social media platforms right now. The metric tracks this by going through each post\/thread on these platforms to see if they are making mentions of the topic or not. However, rather than counting the number of mentions themselves, it separates the posts and counts the total number of them instead. Related Reading: The Big Move: Crypto Pundit Predicts When Bitcoin Will Reach A New ATH Because of this approach, a more organic overview of the market becomes apparent, as the indicator will only spike when discussions are happening across social media, rather than inside just one or two large threads. The social dominance compares this social volume of any given coin against that of the top 100 cryptocurrencies combined. Thus, whenever this indicator shoots up, it means that the mindshare related to the asset is going up among social media users. Now, here is a chart that shows the trend in both the Bitcoin social volume and social dominance over the past year: The value of the metric seems to have registered a large spike during the past day | Source: Santiment on X As displayed in the above graph, the Bitcoin social dominance observed a huge increase when the Bitcoin price broke above $40,000 during the past day. This implies that users shifted focus toward BTC from the other coins after this rally. While some attention is healthy (it’s even required, otherwise the move would become unsustainable), too much hype has often not turned out to be favorable for the cryptocurrency in the past. An example of this is clearly visible in the chart, where the BTC rally hit its brakes back in March of this year after the social volume and social dominance both registered significant spikes. Going by this, the current even higher values of social dominance could be a worrying sign for the asset’s hopes of rallying toward the $50,000 mark. Though, so far, BTC has still been able to continue its climb despite this development, as it has now broken past the $41,000 barrier as well. Related Reading: Bitcoin Price Blasts Past $41,500: Here Are The Reasons In the end, it comes down to whether the discussions have a bullish or a bearish view. More of the latter would provide better chances for the rally to continue. As Santiment explains, “FUD & FOMO toward the ongoing ETF confirmation dates will dictate whether $50,000 arrives sooner rather than later.” BTC Price It would appear that Bitcoin isn’t done with its surge yet as the coin has now risen above $41,800, inching closer to $42,000. BTC has enjoyed some sharp uptrend during the past day | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":563776,"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":[428,89415,88100,90741,90740,6481,1119,1144],"class_list":["post-563757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-break","tag-bitcoin-euphoria","tag-bitcoin-fomo","tag-bitcoin-obstacle","tag-bitcoin-rally","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Triumphs Over $41,000, But Here's What Could Prevent $50,000<\/title>\n<meta name=\"description\" content=\"Bitcoin has broken past the $41,000 level during the past day, but FOMO could be 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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 Triumphs Over $41,000, But Here’s What Could Prevent $50,000","url":"http:\/\/wncen.com\/news\/bitcoin-triumphs-41000-heres-prevent-50000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-triumphs-41000-heres-prevent-50000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/kanchanara-Lta5b8mPytw-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/kanchanara-Lta5b8mPytw-unsplash.jpg?fit=6048%2C4024"},"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":["bitcoin","bitcoin break","bitcoin euphoria","bitcoin fomo","bitcoin obstacle","bitcoin rally","btc","btcusd"],"dateCreated":"2023-12-04T13:00:48Z","datePublished":"2023-12-04T13:00:48Z","dateModified":"2024-06-11T11:20:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Triumphs Over $41,000, But Here’s What Could Prevent $50,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-triumphs-41000-heres-prevent-50000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-triumphs-41000-heres-prevent-50000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/kanchanara-Lta5b8mPytw-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/kanchanara-Lta5b8mPytw-unsplash.jpg?fit=6048%2C4024\"},\"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\":[\"bitcoin\",\"bitcoin break\",\"bitcoin euphoria\",\"bitcoin fomo\",\"bitcoin obstacle\",\"bitcoin rally\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-12-04T13:00:48Z\",\"datePublished\":\"2023-12-04T13:00:48Z\",\"dateModified\":\"2024-06-11T11:20:27Z\"}<\/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\/12\/kanchanara-Lta5b8mPytw-unsplash.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/563757"}],"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=563757"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/563757\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/563776"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=563757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=563757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=563757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}