Cryptocurrency analytics platform Santiment is saying that one key metric indicates a bearish mood for Bitcoin (BTC).
Santiment says that the social dominance level of Bitcoin, or the discussion rate of Bitcoin relative to altcoins, is currently at 13.15%.
According to the analytics platform, crypto prices typically start to increase when the social dominance level is above 20%. Santiment further says that long-term traders are currently waiting for the flagship crypto asset’s social dominance level to go up again before potentially re-entering the market.
“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 Bitcoin to begin receiving the spotlight again. When BTC social dominance is high, prices typically rise.”
Bitcoin is trading at $19,155 at time of writing, down 3.44% in the past day.
The crypto analytics platform also says that it has noted that throughout this month so far, digital...
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