If we look at the year 2022 in general, we cannot say that things are going well for the leading cryptocurrency Bitcoin. 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 considerable concern and focused on the BTC trend. Such attention to Bitcoin has caused a spike in the asset’s social dominance metric.
Bitcoin’s Social Dominance Rate at 2022 Highs
According to Santiment data, the Bitcoin (BTC) Social Domination metric has reached its highest level in 2022. Santiment has noted an increase in people’s interest and discussion regarding Bitcoin. He stated that since June 2021, the discussion rate of Bitcoin and other cryptocurrencies on social media 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; We can say that there is a progressive power seen in Dogecoin and Shiba Inu prices. We can say that this is due to the support that the tokens have gained through increased whale transactions and new projects.
However, there is no significant price flow for tokens like Ethereum, Cardano, Ripple and Solana. 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
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