Due to Bitcoin’s persistent rally over the past week, the cryptocurrency’s market cap is a few steps away from hitting $2 trillion, and social media is abuzz with excitement.
A tweet by on-chain analytics platform Santiment revealed that social media is bustling with speculation on which cryptocurrencies may experience top isolated rallies in the coming weeks. As a result, a few crypto assets are trending, with users analyzing their possible upward trajectory as the bull cycle continues.
BTC Leads Social Media Trends
Bitcoin remains the number one trending crypto asset. The digital currency has been on a roll in the past 30 days, rallying over 44% from $67,400 to a current value of over $97,000. Although it consolidated between $89,000 and $91,000 earlier this week, the asset is up roughly 5% in the past 24 hours, recording a new all-time high above $97,800.
Social media discussions about BTC revolve around its new all-time highs, the asset’s investment potential, and the upward momentum generated by the excitement and optimism within the crypto sector that could see the coin crush $100,000 soon.
There is also a bearish sentiment stemming from concerns about market manipulation, skepticism, and caution about bitcoin’s rally. Investors wonder when BTC will hit the top for this surge and retrace its steps.
The Correlation Between MSTR And BTC
Another cryptocurrency that has been making the rounds on social media is Litecoin (LTC), which has been classified as the silver to bitcoin’s gold. BTC was created to serve as a store of value, but LTC was designed to be suitable for daily use, providing faster transactions and lower fees.
According to Santiment, crypto users are talking about Litecoin’s stability compared to bitcoin and speculating on the cryptocurrency’s future price prediction. The bullish sentiment is centered on the strong historical presence and potential growth of LTC, while bearish views revolve around concerns about the asset’s long-term viability as a store of value due to a lack of unique features compared to bitcoin. At the time of writing, LTC was worth $90, up 5% daily and 27% monthly.
Meanwhile, the business intelligence firm MicroStrategy has also been trending on social media because of its adoption of BTC as a treasury reserve asset. MicroStrategy’s relentless acquisition of BTC since 2020 has positively impacted the value of the firm’s stock, MSTR. Users are analyzing the correlation between MSTR performance and Bitcoin’s price movements and believe the stock could see more gains as BTC continues to rise.
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Disclaimer
The information provided in this article is only for educational and informational purposes and should not be considered financial or investment advice. We are not licensed financial advisors. Always conduct your research and seek guidance from a certified financial professional before making any investment decisions.
