Bitcoin [BTC]: What its social dominance stats tell us about its ‘king coin’ label

Bitcoin’s social dominance has hit its highest point since September 2022 Longs were unable to avoid liquidations as losses continue to pour in Bitcoin’s [BTC] price drop since the new month began might have been demoralising for investors. However, the king coin continues to exert supreme dominance in the market. This claim is because the […]

On account of the latest price dip, the greens recorded in the first two months seem insufficient to exclude holders from accruing losses. Based on Santiment’s data, the network’sA typical interpretation of the framework indicates capital inflows to absorb the sell-side while on-chain profits are being realized.

On the flip side, negative values stay the course when the price trends lower and capital outflows occur.Nevertheless, the metric condition could also signal an upside reversion, as suggested by the social dominance hike.dump and overall sentiment could also propel the coin below its prevailing value.Subscribe to get it daily in your inbox.

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