Sizing up Bitcoin as alts surge | Santiment Weekly Pro Report

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Ibis
May 9, 2021

As ETH continues to soar, Bitcoin’s uninspiring start to May and its dwindling market dominance has many invoking the ‘altcoin season’.


But is there potential for BTC to make up some of its lost ground, and attempt another break above $60k?


In our weekly pro report, we take a look at Bitcoin’s latest on-chain, social and derivatives data, and what it suggests about the top coin’s potential moving forward:

Back to ambivalence


According to data from over 1000 crypto-related channels, Bitcoin’s daily social volume has ostensibly dropped since its Tuesday peak, shrinking by -48.7% over the last 5 days.

Amount of BTC-related mentions on crypto social media, past 6 months (Source: Sanbase)

The ongoing decline in Bitcoin-related mentions suggests that the market’s attention is currently captivated by other narratives and burgeoning assets, and it’s not difficult to see why.


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Assets from this insight

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BitcoinBTC

$ 35751.03

0.89%in last 7d
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