Bitcoin investors are displaying a fearful sentiment as the cryptocurrency’s price has dropped below the $27,000 mark, with data showing that its social dominance has spiked, according to on-chain analytics firm Santiment. Social dominance is a metric that gauges the level of discussion surrounding Bitcoin compared to other assets, indicating the greed or fear among investors. Historically, high interest in altcoins has been a sign of greed in the market, while high social dominance for Bitcoin signals an interest in it, which may be linked to fear, leading to more rebounds. The chart provided by Santiment displays the recent trend in Bitcoin‘s social dominance over the last few months, revealing a fear arising in the market. Bitcoin is currently trading around $26,900, 2% up in the last week.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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