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Bitcoin Social Dominance Rises Yearly High Ahead Of Key Event

Varinder Singh - Coingape
2022-07-12 07:48
According to Santiment, Bitcoin’s Social Dominance metric has jumped yearly high. As the Bitcoin price has slipped below the 20,000 level, interest in Bitcoin (BTC) is rising and discussions over other crypto topics have faded. Historically, this has been considered a good sign for Bitcoin as well as the crypto market.
Bitcoin (BTC) Social Dominance. Source: Santiment
“The ratio of discussions related to Bitcoin vs. all crypto topics has risen swiftly on social media. BTC‘s social dominance is now at its highest point since June 2021. Historically, focus coming back to BTC is a good sign for crypto bulls.”
Altcoins including Ethereum, Solana, Cardano, and XRP have failed to show significant price movements amid pressure due to the liquidity crisis and bankruptcy filing by Three Arrows and Voyager Digital. Whereas, Dogecoin and Shiba Inu have shown some strength as a result of whales buying and latest developments.
The U.S. June CPI data is scheduled to be released tomorrow, July 13. The White House press secretary Karine Jean-Pierre expects the inflation data to be “highly elevated” due to an increase in gasoline and food prices. However, the falling energy prices in July indicate improvement in the following months.
Rising inflation may force the Fed to raise the interest rate by another 75 bps as the June CPI data will be important amid rising recession fear.

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