Examining Bitcoin at $50k | Santiment Weekly Pro Report

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Aug 24, 2021

Bitcoin broke $50k for the first time since May, as market-wide recovery continues and several top alts chart new all-time highs.

And while Bitcoin’s social metrics still show promise, there have been several ‘yellow flags’ forming in the coin’s on-chain data.

Time to cool off, or just tremors in the rally?

In Santiment’s weekly Pro report, we dive deep into Bitcoin’s latest social and on-chain data, and what it suggests about the current state of the crypto market:

Alts steal the spotlight - good for BTC?

What has been particularly interesting about Bitcoin’s rally to $50k is the general reaction - or lack thereof - from the retail crypto crowd.

According to text data collected from 1000+ crypto-related social media channels (including Telegram, Reddit, Twitter and more), Bitcoin’s daily mentions have stayed relatively mild all throughout its August pump, rising

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$ 47330.24

2.87%in last 7d