Bitcoin (BTC) Might Be Disappointing the Crowd, While Some Old-School Altcoins Are in the Spotlight Again

Brian Q, an expert at on-chain analytics firm Santiment, shared his insights into controversies in retail sentiment in the past seven days

Santiment analyst Brian Q has shared his observations on the shifts in retail sentiment over the past seven days.

According to Q's analysis, Bitcoin (BTC) seems to be falling out of favor among retail traders, despite being a step away from the highly anticipated $100K price point. This lack of enthusiasm is evident in the sharp decline of BTC's social dominance, which fell to three-month lows.

As highlighted by Q in his recent "Crowd Sentiment Coming Back Down to Earth For Top Caps?" report, the metric experienced only one surge on Nov. 5, driven by enthusiasm over the U.S. presidential election results. Following this spike, despite BTC's price reaching new all-time highs, social media activity remained subdued, registering its third local low in six months.

This lack of excitement may be an indication of market panic or disappointment among traders who had anticipated a grander rally. As Q notes, a significant portion of traders believe that BTC's failure to capture a $100K market capitalization is a sign that markets are preparing for a downturn.

Interestingly, Ethereum (ETH), despite lagging significantly behind the broader market upsurge, also exhibited a similar pattern. Its social dominance also fell to multi-month lows.

The indicator for Solana (SOL), which recently smashed through an all-time high and is eyeing the status of the third largest cryptocurrency, also saw a decline.

For XRP, analysts noted that the situation appears "too good to be true," with social media metrics also dropping as holders find it hard to believe that the rally will continue.

On the other hand, data shows that mid-cap altcoins are attracting interest on social media. Stellar (XLM) saw 289% growth in social volume last week, while Polkadot (DOT) and Celestia (TIA) each افزود over 50% in social dominance.

As highlighted by Q, the three — XLM, DOT and TIA — "are clearly taking away some shine and attention away from the top caps."

As reported by U.Today earlier, Stellar (XLM) emerged as a top performer in crypto over the weekend, with its cap surging by nearly 60% overnight.

The veteran cryptocurrency enjoyed a 463% gain in November 2024 and surpassed Shiba Inu (SHIB), the second largest altcoin, in net market capitalization.