In the middle of March, Bitcoin reached its all-time high (ATH) of $73,737, but was unable to maintain this peak and experienced a decline. Following the halving in April, Bitcoin entered a new phase, but its price performance has not reflected this change. However, recent days have shown signs of a revival, with the BTC price surpassing $67,000 for the first time in about a month.
The question now is whether the BTC price will continue to rise. According to a recent report by Santiment, a prominent on-chain analysis firm, the interest of the crypto community has shifted to BTC after the price crossed the $67,000 mark. This statement by Santiment is based on the Weighted Sentiment metric, which assesses the overall sentiment toward a cryptocurrency.
The Weighted Sentiment metric consists of two sub-metrics: sentiment value and social volume. The sentiment value evaluates whether the community has positive or negative views about the cryptocurrency, while social volume measures the total mentions of the asset on social media. The Weighted Sentiment indicator is a combination of both metrics, and when there is a high social volume and a significant average sentiment, notable changes in the metric are observed.
According to Santiment’s analysis, Bitcoin’s weighted sentiment has reached its highest value since January, following the recent price increase. The last time this sentiment was observed was after the approval of BTC spot ETFs by the Securities and Exchange Commission in the United States. It is worth noting that Bitcoin is not the only cryptocurrency among the top 20 with positive sentiment today. Chainlink (LINK), for example, has shown a peak upward trend over the past year, with a 20% increase in value over the past week.
As of now, Bitcoin is trading at $67,000, after experiencing a roughly 0.10% increase. Over the past 7 days, BTC has seen a 10% rise. The market cap of Bitcoin remains above $1.3 billion, while the 24-hour trading volume stands at $17 billion after a 40% drop.
On the other hand, Chainlink (LINK), which is closely associated with Bitcoin, is trading at $16.29, after a 0.72% increase. Chainlink’s market cap has risen above $9 billion, but its 24-hour trading volume has dropped to $461 million after a 62% decrease, indicating a decline in investor interest.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
