BTC’s Social Dominance Increase Could Lead To Price Jump

• Traders seem to be favoring short-term pumps in an attempt to salvage any losses.
• BTC’s social dominance is high, and this usually leads to a rise in prices.
• The coin is currently trading at $19,808.21 after a 3.87% increase in price.

The crypto market intelligence firm, Santiment, took to Twitter on October 14 to share some information about new trends in trading and about what could be in store for the crypto market leader Bitcoin (BTC).

According to Santiment, traders seem to be favoring short-term pumps in an attempt to salvage any losses. The post also mentioned that any “weak hands” dropped out of the crypto race in 2022, and that long-term traders are now waiting for the spotlight to once again fall on BTC.

The post also mentioned the fact that BTC’s social dominance is high, and that this usually leads to a rise in prices. Another important fact to note is that the price of BTC and cryptos, in general, tend to rise when the discussion rates about Bitcoin rises above 20%, which are the highlighted bits in the chart above.

According to the crypto market tracking website, CoinMarketCap, BTC is currently trading at $19,808.21 after a 3.87% increase in price over the last day, and after reaching a high of $19,835.17 over the same time period. The crypto is still, however, in the red by just under 1% over the last week.

BTC was able to strengthen against Ethereum by about 3.81%, and its 24 hour trading volume is also in the green by more than 90%.

In addition to this, the total crypto market cap is also in the green today by over 3% and now stands at about $941.72 billion.

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