Gauging Bitcoin’s start-of-month health | Santiment Weekly Pro Report
Following the worst week for Bitcoin’s price action in over a year, Bitcoin has managed to end the month of April on a high note, gaining a formidable +17.5% since Monday.
Still, the top coin’s market cap dominance has continued to dwindle this week, dropping below 50% for the first time since July 2018 amid Ethereum’s latest all-time high push.
As we enter into May, we take a look at Bitcoin’s latest on-chain and social activity, and what they suggest about the benchmark coin’s potential moving forward:
ETH steals the spotlight
Despite Bitcoin’s +17.5% week and its latest surge above $57k, social data suggests that the top coin has yet to capture increased interest from the crypto community.
Based on text data from over 1000 crypto-related social channels (including Twitter, Telegram, Reddit and more), the amount of Bitcoin mentions has
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