Altcoins Grow as Social Attention Moves Away From BTC

The market intelligence platform Santiment shared in an X post today that altcoins like Polkadot (DOT), Avalanche (AVAX), and Lido DAO (LDO) have seen some growth in their market cap. According to the post, this could be due to the fact that the Bitcoin (BTC) price keeps looking to target $40K before 2024.

📈 #Altcoins like #Polkadot, #Avalanche, and #LidoDao have enjoyed nice market cap growth as #Bitcoin continues teasing a possible $40K market value before 2024. Note $BTC’s declining social volume & rise in interest in others, which typically hints at a slight crowd greed bias. pic.twitter.com/QIsbDasCj1

— Santiment (@santimentfeed) December 1, 2023

Santiment also drew attention to the fact that BTC’s social volume has taken a bit of a knock while traders have shown more interest in altcoins such as DOT. The intelligence firm pointed out that this could be an indication of a slight crowd greed bias in the market at the moment.

DOT, AVAX, and LDO not only enjoyed increases in their market caps, but all three altcoins also saw their prices increase over the past 24 hours of trading. Data from CoinMarketCap indicated that DOT was trading hands at $5.46 after its price jumped by over 5%.

Meanwhile, AVAX experienced a 3.75% price rise since yesterday, bringing its trading value up to $22.27. AVAX’s price was also up by 6+% on its weekly time frame. LDO’s price performance in the past day was just as successful as it secured a 4.07% increase, causing it to trade at $2.39.

Along with its decline in social volume, BTC’s dominance also took a 0.23% hit. This meant that BTC’s dominance stood at 51.83% at press time. Nevertheless, the market leader’s price was still able to climb by 0.85% throughout the past day, which left it trading at $38,146.45.

BTC / Tether US 1D (Source: TradingView)

BTC’s intraday volume settled at around $19,471,332,218 at press time after it decreased by just over 5%. The cryptocurrency king’s price rise was still enough to keep its weekly performance in the green zone at +1.98%.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source