Bitcoin [BTC]: អ្វីដែលស្ថិតិគ្រប់គ្រងសង្គមរបស់វាប្រាប់យើងអំពីស្លាក "កាក់ស្តេច" របស់វា។

• Bitcoin’s social dominance has hit its highest point since September 2022

• Longs were unable to avoid liquidations as losses continue to pour in

Bitcoin របស់ [BTC] price drop since the new month began might have been demoralising for investors. However, the king coin continues to exert supreme dominance in the market. This claim is because the number one cryptocurrency in market value has outperformed top altcoins over the aforementioned time period. 

អាន ការព្យាករណ៍តម្លៃ [BTC] របស់ Bitcoin 2023-2024

A quick assessment of the market puts BTC with a 6.21% declinem at the time of writing. However, fellow competitors like Litecoin [អិលធីស៊ីធី] បានធ្លាក់ចុះ by 12.54% while ខាណាណូ [ADA] ធ្លាក់ចុះ 10.37% ។ 

Needless to say, there is only a tiny chance that BTC could imitate its January and February performance. However, the crypto’s initial resistance to its historical March falls may now be in motion.

Is a historical recoil on the way?

Santiment, in its 7 March tweet, affirmed that BTC has been comparatively outperforming a majority of the market’s altcoins. Despite the admission, however, the on-chain analytics platform also pointed to the social dominance trend.

???? # ប៊ីធាក់‘s price is -6% in March, but still performing better relative to most # បាល់កូលីន។ ជាមួយ #គ្រីបតូ giving up much of their Jan/Feb gains, attention has returned to $ BTC. Higher Bitcoin social dominance historically has initiated market rebounding. https://t.co/jNM0hwCyeR pic.twitter.com/J0re8Kok87

- Santiment (@santimentfeed) ខែមីនា 7, 2023

Social dominance gauges the share of discussion referring to an asset. According to Santiment, the metric surged to its highest level since September 2022. Historically, such events prepare the way for a market rebound.

The aforementioned observation implies that BTC is getting hyped. However, the case for capitalizing on short-term bottoms may again be non-existent as the dominance, previously at 19.19%, fell to 13.86% at press time.

Despite the initial hike, short-positioned traders did not renege on maintaining their position and gained significantly over longs. This was due to the Futures perpetual អត្រាផ្តល់មូលនិធិនេះបើយោងតាម ​​Glassnode ។ 

A positive rate means that long positions paid shorts while a negative rate implies otherwise. At press time, the perpetual funding rate was 0.05%, meaning that most longs were រាវ ឆ្លងកាត់ការផ្លាស់ប្តូរ។

ប្រភព៖ Glassnode

តើផលប័ត្ររបស់អ្នកមានពណ៌បៃតងទេ? ពិនិត្យ ការគណនាប្រាក់ចំណេញ Bitcoin

Going down the drain?

On account of the latest price dip, the greens recorded in the first two months seem insufficient to exclude holders from accruing losses. Based on Santiment’s data, the network’s ដឹងពីប្រាក់ចំណេញនិងការបាត់បង់ remained negative at -6.07 million.

A typical interpretation of the framework indicates capital inflows to absorb the sell-side while on-chain profits are being realized. On the flip side, negative values stay the course when the price trends lower and capital outflows occur.

ប្រភព៖ Santiment

Nevertheless, the metric condition could also signal an upside reversion, as suggested by the social dominance hike.

Even so, BTC is on the verge of losing its hold on $22,000. Additionally, developments like the ស៊ីលហ្គេត dump and overall sentiment could also propel the coin below its prevailing value.