Bitcoin has observed a decline in its social volume and dominance as seen on the on-chain metric provider Santiment. A decline in social volume indicates that market participants are discussing “Bitcoin” relatively less, and discussions of other altcoins are taking precedence.
Altcoins Bittensor (TAO), Helium (HNT) and Solana (SOL) emerged as notable performers among others in the crypto market recovery last week.
Bitcoin’s (BTC) price is recovering this week, trading shy of the $43,000 level on Wednesday’s European morning, after its recent drop to $38,555. Outflows from Grayscale’s GBTC have slowed down this week, easing the selling pressure for Bitcoin and likely catalyzing its recent recovery.
The cryptocurrency market corrected 0.6% in 24 hours to a total capitalisation of $1.65 trillion. The correction was aided by pressure on global equity markets, which lost ground following the IT giants.
Bitcoin, trading near $43K, remains close to its 50-day moving average. It also ‘rested’ in the same area from the 12th to the 17th of January, so the current calm is not surprising.
