Social Dominance Of Altcoins Like XRP & Cardano Has Remained Low Recently
According to data from the analytics firm , Bitcoin is seeing the greatest attention in the market right now, while some of the alts aren’t being talked about that much. The indicator of interest here is “social dominance,” to understand which the “social volume” needs to be looked at first.
The social volume is a metric that measures the total amount of unique social media posts/threads that are making mentions of a given asset or term. By “unique,” what’s meant here is that the indicator only counts these posts once regardless of how many times they mention the term (obviously, as long as they make at least one mention).
Here is a chart that shows the trend in the social dominance of the five largest coins in the market: Bitcoin (BTC), Ethereum (ETH), BNB (BNB), XRP (XRP), and Cardano (ADA):
Looks like the value of the metric has stayed low for the altcoins | Source:As displayed in the above graph, the social dominance of Bitcoin has been high since the rally started around the start of the year. The asset has been leading the price surge in these last few months, so it’s not particularly surprising that the interest in the cryptocurrency has been elevated during this period.
Discussions around BTC on social media had been dropping slightly last month when FUD had been going around in the market, but with the latest leg in the rally above the $30,000 level, interest has once again spiked in the coin.
While this has happened, however, the other top assets like XRP have only observed a sideways trend or a drawdown in their respective social dominance. This would imply that these cryptocurrencies have failed to garner any significant attention during the last couple of weeks.XRP Price
At the time of writing, XRP is trading around $0.48, up 1% in the last week.XRP seems to have been struggling recently | Source: