Bitcoin
As Bitcoin’s price remains at $61K, something strange is going on!
Bitcoin dropped in social activity, and this is likely due to the current price trend.
- Bitcoin’s social activity dropped to its lowest in the year.
- BTC remained in the $61,000 price zone.
Recent data indicates that Bitcoin [BTC] has experienced its lowest level of social activity. However, despite this decline, Bitcoin still maintains a significant presence in discussions within the crypto space.
The network remains active, indicating ongoing engagement and participation despite the decrease in social activity.
Bitcoin social activity sees a yearly low
Per data from LunarCrush, there was a decline in the social activity surrounding Bitcoin. This is significant, as it marks the first time this year that social activity has fallen to such levels.
The chart illustrated that social activity was at approximately 98 million at press time, approaching a critical threshold.
This decrease could be attributed to the recent decline in BTC’s price, with the cryptocurrency struggling to maintain the $61,000 price range.
Other Bitcoin social metrics show decent movements
AMBCrypto’s analysis of the Social Dominance on Santiment indicated that Bitcoin continued to maintain a significant portion of dominance in discussions within the cryptocurrency space.
The chart also revealed that between the previous trading session and press time, BTC’s Social Dominance has remained within the 26% range.
However, there has been a slight change, with Social Dominance shifting from 26.21% to 26.42% at the time of this writing.
Source: Santiment
The Social Volume concluded the 8th of May with a count of 4,622. While this number is not the highest observed this year, it also is not the lowest.
Overall, this suggests that despite the reported decline in social activity, Bitcoin continued to maintain a substantial presence in cryptocurrency discussions.
24-hour active addresses show good enough activity
AMBCrypto’s look at Bitcoin’s 24-hour active addresses chart indicated a recent decline compared to activity levels observed earlier in the month and the previous month.
As of this writing, the number of active addresses was around 721,000, signifying a considerable volume of activity on the network despite the recent dip.
Source: Santiment
BTC catches a breather — for now
At the time of writing, Bitcoin was trading at around $61,550, marking a roughly 0.7% increase on a daily timeframe chart.
Read Bitcoin’s [BTC] Price Prediction 2024-25
This positive price movement is notable as it contrasts with the recent days of decline, suggesting that buyers currently have the upper hand.
While it remains uncertain how the day’s trading session will conclude, this slight uptrend is likely to draw in more traders, potentially influencing market dynamics.
Source: TradingView
