Altcoins gain traction while bitcoin’s social trend falls

2023-06-14 12:57:01

As bitcoin (BTC) started to fall from the crucial $26,000 mark, the social volume and sentiment toward altcoins have risen tremendously, according to data provided by the market intelligence platform Santiment.

While the prices of some of the major altcoins — ethereum (ETH), binance coin (BNB) and XRP, for example — have witnessed notable drops over the past 24 hours, Santiment’s data shows that their social volume has risen.

Moreover, bitcoin saw a tremendous social rise in mid-March, but the recent events regarding the US Securities and Exchange Commission (SEC) and the leading crypto exchanges, Binance and Coinbase, its social media trend has fallen significantly.

On the other hand, ethereum, XRP and BNB witnessed an impressive rise in terms of social sentiment.

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SEC emails show multiple officials examining ethereum in 2018 Dogecoin (DOGE) and cardano’s (ADA) social volume has also declined as their prices fell further to $0.27 and $0.06, respectively.

While ETH and XRP’s social volumes rose, their prices went the other way, plunging by 0.5% and 4.8%, respectively.

BNB, on the other hand, witnessed a notable rise in both its social volume and price. BNB is up by 4.8% in the past 24 hours, trading at $247.09 at the time of writing. The asset’s price hike comes along with an explosion in its 24-hour trading volume, which rose by 30% and currently stands at over $967 million.

The social trends come as the SEC pinned 67 cryptocurrencies as securities. According to a crypto.news report, the assets listed by the regulator are worth more than $100 billion — accounting for over 10% of the global crypto market capitalization.

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