Crypto analytics firm Santiment says social media mentions of the two largest crypto assets by market capitalization have soared amid price volatility.
The analytics company said Bitcoin (BTC) and Ethereum (ETH) are enjoying increasing popularity as discussion topics ahead of the release of Consumer Price Index (CPI) data.
“Towards the end of the workweek last week, things were looking up for crypto as rallies occurred across the sector. However, prices are volatile and retreating as the July 13 CPI approaches. Both BTC and ETH are seeing an increase in chat rates.
The CPI tracks the rate of inflation in the United States.
According to Santiment, Bitcoin's dominance on social media platforms as subject discussion is at its highest level in 12 months.
“The ratio of Bitcoin-related discussions to all crypto topics has rapidly increased on social media. BTC's social dominance is now at its highest level since June 2021. Historically, the return of attention to BTC is a good sign for crypto bulls.
In the case of Bitcointhe analysis company said The flagship crypto asset is seeing relatively high levels of optimism across social media platforms this week.
“Bitcoin social sentiment is seeing an unprecedented level of optimism this week as we head into the second half of July and the Federal Reserve Bank's next (interest rate) decision. An ideal setup would be for the crowd to remain skeptical as prices climb with little resistance.
On altcoins, Santiment said they have seen a “serious decline” in interest as talking points amid falling crypto prices.
“While crypto has remained stagnant and prices have started to fall again since the weekend, we can see that participants and overall discussions related to the markets continue to decline. Altcoins, in particular, are showing a serious decline in public interest.
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