Social Dominance Rate Of Bitcoin Marks An All-Time High in 2022
With the recent trend in the crypto market, the world-leading digital asset seems to be getting attention. From the general price fall for all crypto tokens, Bitcoin is one of the assets that has seen a drastic cut in its value. BTC has plunged by over half of its value as of November 2021. As a result, many participants in the industry have shown considerable concern and focus on the trend of BTC. Such attention to Bitcoin had invariably pushed the token to have a spike in its social dominance metric. Data from Santiment revealed a rise in the yearly high for the BTC Social Dominance....
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The Bitcoin network underwent a six-month-long rally to attain a new all-time high hash rate of 207.53 million tera hashes per second (TH/s) on Saturday. Today marks the 13th year since Bitcoin (BTC) creator Satoshi Nakamoto mined the genesis block or block 0 of the Bitcoin network, and for the first time mined a reward of 50 BTC back on Mon, 2009. Fast-forward to 2022, the BTC network shows no signs of slowing down by reaching a new all-time high hash rate of 207.53 million tera hashes per second (TH/s).The Bitcoin hash rate, which correlates to the strength of the network based on the....
Bitcoin and Ethereum have reacted negatively to the Consumer Price Index (CPI) print in the United States. The metric is used to measure inflation in the U.S. dollar and hit 9.1% for June which represents an increase from May’s results. Related Reading | Social Dominance Rate Of Bitcoin Marks An All-Time High in 2022 At that time, the crypto market crashed the following days after the CPI print. This meant inflation was still soaring and hinted at more intervention from the U.S. Federal Reserve (Fed). High inflation translated into high pain for Bitcoin and other risk-on assets. At....
Bitcoin dominance over the market has still not receded even as the price has fallen below $30,000. Just as BTC had taken a hit, so had the altcoins. This had given the pioneer cryptocurrency more leeway to eat back into the market dominance. Even though the market has been brutal to investors in the past week, it is starting to level out and as the end of the month draws closer, indicators are starting to point towards better forecasts. Bitcoin Still On The High Side With Bitcoin, there has never been a dispute regarding its dominance in the crypto space. However, this dominance has since....
BTC dominance has always had an inverse effect on the price movements for altcoins. Historically, BTC dominance determines the direction the value of altcoins swings in. Bitcoin has so far maintained majority dominance on the market. But as more time passes, that dominance goes down as altcoins see more demand. BTC dominance simply shows how much demand there is for bitcoin compared to altcoins. The more BTC dominance rises, the lower the demand for altcoins. This means that for altcoins to rally up further, bitcoin demand has to go down. Related Reading | Ethereum Breaks 200,000....
Data shows the social media talk around Bitcoin has dropped to low levels recently, indicating that investors are paying attention to altcoins instead. Bitcoin Social Dominance Has Declined To Just 17% Recently According to data from the on-chain analytics firm Santiment, BTC-related discussions on social media have dropped recently. The relevant indicator here is “social dominance,” based on the concept of “social volume.” The social volume of any asset is a measure of the degree of talk it receives on the major social media platforms. The metric makes this....