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Zycrypto

06/12/2024

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Bitcoin and Cardano Reign Supreme In Heightened Social Interest

As bullish momentum continues to rock the crypto market, Bitcoin (BTC) and Cardano (ADA) are calling the shots in terms of social interest, according to Santiment. The renowned crypto analytic firm added,...

Bitcoin and Cardano Reign Supreme In Heightened Social Interest

Bitcoin and Cardano Reign Supreme In Heightened Social Interest

As bullish momentum continues to rock the crypto market, Bitcoin (BTC) and Cardano (ADA) are calling the shots in terms of social interest, according to Santiment.

The renowned crypto analytic firm added, “BTC: Bulls and bears battling at $70K level, and Bitcoin’s market cap ($1.377T) being compared to Apple’s ($2.998T). ADA: Smart contract NFT’s, comparison to Ethereum, growing Cardano network decentralization.”

Source: Santiment

Social interest in Bitcoin and Cardano is going through the roof, signaling a positive attitude toward both cryptocurrencies. For instance, smart contract usage in the ADA network is skyrocketing as the demand for non-fungible tokens (NFTs) grows.

Cardano’s social media engagement is rising, and the Chang hard fork is a stone’s throw away, slated to go live this month. This upgrade enhances ADA’s proof-of-stake (PoS) consensus mechanism.

According to CoinGecko data, Cardano was up 1.7% in the past 24 hours at the time of writing.

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Bitcoin’s Selling Pressure Eases

As Bitcoin enjoys heightened social media engagement, the leading cryptocurrency is witnessing minimal risk of a sell-off.

This development was highlighted by leading market analyst Ali Martinez, who acknowledged that this trend was being seen since short-term holders were experiencing a profit margin of 3.35%.

Source: CryptoQuant

It seems that Bitcoin might be undergoing the calm before the storm since the apex cryptocurrency has been consolidating inside a re-accumulation range for 3 months, as acknowledged by top crypto analyst Rekt Capital.

Source: Rekt Capital

Meanwhile, Bitcoin is experiencing a notable holding trend, given that it is worth a whopping $1 billion and recently exited Coinbase. Cryptocurrencies usually leave crypto exchanges for holding and future purposes other than speculation, and this is bullish because of diminished selling pressure.

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