If we look at the overall year 2022, the leading cryptocurrency bitcoin We cannot say that things are going well for him. However, Bitcoin, which has been trying to recover recently, has lost more than half of its value as of November 2021. As a result, many industry participants showed significant concern and BTC focused on the trend. Such attention to Bitcoin has caused a spike in the asset’s social dominance metric.
Bitcoin’s Social Dominance Rate at 2022 Highs
centiment The Bitcoin (BTC) Social Domination metric has reached its highest level in 2022, according to data. Santiment has noted an increase in people’s interest and discussion regarding Bitcoin. Since June 2021, on social media bitcoinand other cryptocurrencyHe said the discussion rate has increased.
This rise is linked to the recent price drop of BTC. This increase in social dominance has been noted as a positive indicator for Bitcoin and the crypto market.
If we look at altcoins; dogecoinand shiba inu We can say that there is a progressive power seen in prices. We can say that this is due to the support that the tokens have gained through increased whale transactions and new projects.
However Ethereum, cardano, Rippleand wither There is no significant price flow for tokens such as This is thought to be linked to the bankruptcy and filing problems of companies like Voyager Digital and Three Arrows Capital.
Finally, let’s take a look at the state of the leading cryptocurrency. According to CoinGecko data; At the time of writing the news, BTC is trading at $ 20,105.35
