Santiment reports that Bitcoin is still a popular topic with investors because of its social dominance.
The market insights provider explained:
“The ratio of discussions related to Bitcoin vs. all crypto topics has risen swiftly on social media. BTC’s social dominance in the cryptocurrency world is at its highest since June 2021. Historically, focus coming back to BTC is a good sign for crypto bulls.”
Source: Santiment Santiment believes that these increased levels of social dominance are positive as Bitcoin continues to hover around the psychological price $20K.
According to Reuters, the most popular cryptocurrency lost more than 1% over the past 24 hours to hit $19 783 during intraday trades. CoinMarketCap.
Bitcoin addresses reach 1 billion
According Glassnode, an on-chain insights provider:
“The total number of Bitcoin addresses ever created just went above 1,000,000,000. Current value: 1,000,002,559.”
Source: GlassnodeBTC addresses are not always the same as owners. A person can have more than one address.
Santiment also shared similar views. He said that the number Bitcoin addresses keeps growing, which is showing greater market participation. Santiment noted:
“The number of Bitcoin addresses holding 10+ BTC has ramped up, particularly since the mid-June drop. These addresses have grown by 1.12% in the last 30 days. There are 149.2k addresses holding 10 or more BTC, the most held since February 2021.”
Source: SantimentIncreased participation in the market is a positive sign, as it could lead to more demand. However, Bitcoin has not yet established a resilient bottom that relies on the back and forth between the $20K and $20K regions.
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