Current data revealed what changes have occurred in cryptocurrency investors’ opinions about Bitcoin (BTC) and altcoins.
On-chain analysis platform Santiment, a chart examining the social dominance of cryptocurrencies shared. The data in question is particularly spot Bitcoin exchange-traded fund (ETF) While it reveals that there is a concentration on Bitcoin with the expectation of the discussions in this field, “greedIt was stated that it reached the level of
On the other hand, with the approval of spot Bitcoin ETFs,This level of greed that is in retreatin the hearts we are in Started to shift from Bitcoin to altcoins.
Although social data do not yet indicate a clear picture, the momentum in February will be especially important. According to Santiment, if these data indicate a demand for altcoins in February, this situation It could also trigger an uptrend for the altcoin market.
On the other hand, it was stated that the increasing popularity of altcoins could affect the direction of money flow, and it was emphasized that this situation could drag Bitcoin into a bear market.
If this were to happen, analysts say, it would be a signal of indifference, not a sign of fear as we saw before the peaks of recent Bitcoin social dominance increases.