{"id":529327,"date":"2023-05-01T12:07:03","date_gmt":"2023-05-01T12:07:03","guid":{"rendered":"https:\/\/ktsl888.com\/?p=529327"},"modified":"2024-06-11T08:11:48","modified_gmt":"2024-06-11T08:11:48","slug":"internet-computer-icp-social-dominance-hits-top-in","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/internet-computer-icp-social-dominance-hits-top-in\/","title":{"rendered":"Internet Computer (ICP) Social Dominance Hits 23-Month High, Top In?"},"content":{"rendered":"

Data shows the Internet Computer (ICP) social dominance has hit a 23-month high, a sign that a local top may be here for the cryptocurrency.<\/p>\n

Internet Computer Investors Are Showing Signs Of Euphoria<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, a large number of investors are talking about ICP following its recent bullish momentum. A relevant indicator here is the “social volume<\/a>,” which measures the total number of social media text documents that contain mentions of a given asset.<\/p>\n

The text documents here refer to a collection of data assembled by Santiment that includes posts and messages from social media websites like Reddit, Telegram, and Twitter.<\/p>\n

This indicator only gauges the unique mentions of the asset in question, meaning that even if a forum post includes the term several times, its contribution towards the social volume still remains one unit.<\/p>\n

Now, “social dominance<\/a>” is a metric that compares the social volume of the given cryptocurrency with that of the top 100 assets (by market cap) combined. Here, the coin of interest is Internet Computer, so what this metric tells is how much of the discussion on the Internet related to cryptocurrencies, in general, includes the topic of ICP.<\/p>\n

Here is a chart that shows the trend in the ICP social dominance over the last year:<\/p>\n

\"Internet<\/p>\n

Looks like the value of the metric has been pretty high in recent days | Source: Santiment on Twitter<\/a><\/pre>\n
As shown in the above graph, the Internet Computer social dominance has observed a very sharp spike recently as the price of the asset has shown some bullish momentum.<\/p>\n
This latest uptrend in the asset’s value has been quite extraordinary when compared to the rest of the market, as most of the cryptocurrencies have only shown a flat movement or a decline in the same period.<\/p>\n
Related Reading: Bitcoin Price Rejects $30K But This Variable Can Trigger A Fresh Increase<\/a><\/div>\n
Rapid upwards momentum like this can bring a lot of eyes toward an asset, and so, discussions about it naturally follow on social media. Because of this reason, it’s not unexpected that the ICP social dominance has shot up during this period of bullish divergence from the rest of the sector.<\/p>\n
From the chart, it’s visible that the metric saw a large spike of similar scale only a week or so before this latest surge, and this spike too occurred as Internet Computer enjoyed some rapid rise.<\/p>\n
Shortly after this previous spike in social dominance took place, however, the price topped above the $7 level as the bullish momentum petered out.<\/p>\n
Generally, whenever there is a sharp rise in discussions around an asset during price surges, it’s a sign that euphoria<\/a> may be building among investors. Historically, such market conditions have led to an increased possibility for the price to form a top. Internet Computer may have hit a local high during the past spike due to this reason.<\/p>\n
As the latest surge in discussions around ICP is even higher in value than the previous instance, it’s possible that the coin may be at risk of declining currently.<\/p>\n
Related Reading: Bitcoin Emerges As the King Of Assets,10X Growth Over Gold During US Banking Crisis<\/a><\/div>\n
The drawdown may have in fact already begun, as the cryptocurrency’s price has gone down by more than 5% during the last 24 hours. Though, not all the gains of the recent rally are lost yet, as the asset is still up 16% in the past month.<\/p>\n
ICP Price<\/h2>\n
At the time of writing, ICP is trading around $6, up 14% in the last week.<\/p>\n
\"ICP<\/p>\n
The value of the asset seems to have plunged recently | Source: ICPUSD on TradingView<\/a><\/pre>\n
Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows the Internet Computer (ICP) social dominance has hit a 23-month high, a sign that a local top may be here for the cryptocurrency. Internet Computer Investors Are Showing Signs Of Euphoria According to data from the on-chain analytics firm Santiment, a large number of investors are talking about ICP following its recent bullish momentum. A relevant indicator here is the “social volume,” which measures the total number of social media text documents that contain mentions of a given asset. The text documents here refer to a collection of data assembled by Santiment that includes posts and messages from social media websites like Reddit, Telegram, and Twitter. This indicator only gauges the unique mentions of the asset in question, meaning that even if a forum post includes the term several times, its contribution towards the social volume still remains one unit. Now, “social dominance” is a metric that compares the social volume of the given cryptocurrency with that of the top 100 assets (by market cap) combined. Here, the coin of interest is Internet Computer, so what this metric tells is how much of the discussion on the Internet related to cryptocurrencies, in general, includes the topic of ICP. Here is a chart that shows the trend in the ICP social dominance over the last year: Looks like the value of the metric has been pretty high in recent days | Source: Santiment on Twitter As shown in the above graph, the Internet Computer social dominance has observed a very sharp spike recently as the price of the asset has shown some bullish momentum. This latest uptrend in the asset’s value has been quite extraordinary when compared to the rest of the market, as most of the cryptocurrencies have only shown a flat movement or a decline in the same period. Related Reading: Bitcoin Price Rejects $30K But This Variable Can Trigger A Fresh Increase Rapid upwards momentum like this can bring a lot of eyes toward an asset, and so, discussions about it naturally follow on social media. Because of this reason, it’s not unexpected that the ICP social dominance has shot up during this period of bullish divergence from the rest of the sector. From the chart, it’s visible that the metric saw a large spike of similar scale only a week or so before this latest surge, and this spike too occurred as Internet Computer enjoyed some rapid rise. Shortly after this previous spike in social dominance took place, however, the price topped above the $7 level as the bullish momentum petered out. Generally, whenever there is a sharp rise in discussions around an asset during price surges, it’s a sign that euphoria may be building among investors. Historically, such market conditions have led to an increased possibility for the price to form a top. Internet Computer may have hit a local high during the past spike due to this reason. As the latest surge in discussions around ICP is even higher in value than the previous instance, it’s possible that the coin may be at risk of declining currently. Related Reading: Bitcoin Emerges As the King Of Assets,10X Growth Over Gold During US Banking Crisis The drawdown may have in fact already begun, as the cryptocurrency’s price has gone down by more than 5% during the last 24 hours. Though, not all the gains of the recent rally are lost yet, as the asset is still up 16% in the past month. ICP Price At the time of writing, ICP is trading around $6, up 14% in the last week. The value of the asset seems to have plunged recently | Source: ICPUSD on TradingView Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":529338,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[84992,88187,88185,83670,83669,88186],"class_list":["post-529327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-icp","tag-icp-bearish","tag-icp-social-dominance","tag-icpusd","tag-internet-computer","tag-internet-computer-social-dominance"],"acf":[],"yoast_head":"\nInternet Computer (ICP) Social Dominance Hits 23-Month High, Top In?<\/title>\n<meta name=\"description\" content=\"Data shows the Internet Computer (ICP) social dominance has hit a 23-month high, a sign that a local top may be here for the cryptocurrency. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Internet Computer (ICP) Social Dominance Hits 23-Month High, Top In?","url":"http:\/\/ktsl888.com\/news\/internet-computer-icp-social-dominance-hits-top-in\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/internet-computer-icp-social-dominance-hits-top-in\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/05\/maxim-hopman-fiXLQXAhCfk-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/05\/maxim-hopman-fiXLQXAhCfk-unsplash-scaled.jpg?fit=2560%2C1707"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["icp","icp bearish","icp social dominance","icpusd","internet computer","internet computer social dominance"],"dateCreated":"2023-05-01T12:07:03Z","datePublished":"2023-05-01T12:07:03Z","dateModified":"2024-06-11T08:11:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Internet Computer (ICP) Social Dominance Hits 23-Month High, Top In?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/internet-computer-icp-social-dominance-hits-top-in\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/internet-computer-icp-social-dominance-hits-top-in\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/maxim-hopman-fiXLQXAhCfk-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/maxim-hopman-fiXLQXAhCfk-unsplash-scaled.jpg?fit=2560%2C1707\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"icp\",\"icp bearish\",\"icp social dominance\",\"icpusd\",\"internet computer\",\"internet computer social dominance\"],\"dateCreated\":\"2023-05-01T12:07:03Z\",\"datePublished\":\"2023-05-01T12:07:03Z\",\"dateModified\":\"2024-06-11T08:11:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/05\/maxim-hopman-fiXLQXAhCfk-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/529327"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=529327"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/529327\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/529338"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=529327"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=529327"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=529327"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}