Almost half of all cryptocurrency-related mentions on social media this week focused on Bitcoin, as it reached new highs, a level of dominance that could indicate a local peak and a potential short-term pullback, according to sentiment analysis platform Santiment.
"As Bitcoin's market value surpassed USD 123,100 for the first time in its more than 17-year history, there was an equally historic surge in its 'social dominance,'" said Santiment analyst Brian Quinlivan in a report published on Wednesday.
"43.06% of all cryptocurrency conversations were about $BTC just as the market value of the coin was hitting its peak," Quinlivan added. Quinlivan stated that "the sudden increase was indicative that many retail traders were entering the market out of fear of missing out," which contradicts the opinion of other industry participants who believe that retail investors have not yet entered the market#BTCvsETH
