©Reuters. Increasing BTC’s social dominance could lead to a price jump
- Traders seem to prefer short-term pumps to erase losses.
- BTC’s social dominance is high, which usually causes prices to surge.
- The coin is currently trading at $19,808.21 after a 3.87% price increase.
Crypto market research firm Santiment took to Twitter on Oct. 14 to share some information about new trading trends and what could be in store for the crypto market leader (BTC).
According to Santiment, traders seem to prefer short-term pumps to erase losses. The post also mentioned that all “weak hands” are out of the crypto race in 2022 and that long-term traders are now waiting for the spotlight to return to BTC.
Bitcoin and social dominance (Source: Santiment)
The post also mentioned the fact that BTC’s social dominance is high and that usually leads to a spike in prices. Another important fact is that the price of BTC and cryptos in general tends to increase when the discussion rates of Bitcoin rise above 20%, which are the highlighted points in the chart above.
Bitcoin / US 1D (Source: CoinMarketCap)
According to crypto market tracking website CoinMarketCap, BTC is currently trading at $19,808.21 after the price surged 3.87% over the past day to peak at $19,835.17 over the same period. However, the crypto is still down nearly 1% over the past week.
BTC is up around 3.81% against Ethereum, and its 24-hour trading volume is also more than 90% in the green.
Additionally, the total crypto market cap is also up over 3% in the green today and is now around $941.72 billion.
Disclaimer: The views and opinions and all information shared in this price analysis are published to the best of our knowledge and belief. Readers must do their own research and due diligence. Any action taken by the reader is entirely at your own risk. Coin Edition and its affiliated companies shall not be liable for any direct or indirect damage or loss.
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