Bitcoin Social Interest Rising as BTC Breaks 38K, Any Other Trading Signal?

2021-01-07 08:50:00 · 5808 views · 4 min read

 

Institution buyers and big whales keep putting money to buy large amounts of BTC, from Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad”, to Grayscale, to MicroStrategy CEO, etc. 

 

 

Bitcoin supply squeeze heats up as Grayscale buys nearly 3x the BTC mined in December. Grayscale brings its total assets under management above $20 billion in time for the start of 2021 as BTC demand intensifies. 

 

 

Now Bitcoin breaks $38,000.

 

 

Besides the whales’ buying, is there any other trading signal that can alert us on the market trend?

 

 

If you have noticed, we’ve introduced a new metric called “social signal since 5th Nov 2020. With social signal, we not only count the mentions of the project name only. It is a metric that counts the popularity of a token, the project behind it, and other relevant keywords on social networks over the Internet. After analysis of different social networks’ data, we find that social popularity may also indicate the future price trend of a token. So social signal can be an important trading signal for you. 

 

 

Then how has Bitcoin’s social signal changed these days?

 

 

According to Cointelegraph, as the Bitcoin price keeps bullying, social media interest in Bitcoin hits an all-time high.

 

 

Twitter analytics data indicates that as Bitcoin continues to break all-time highs, social media interest in the digital currency is likewise setting new records across numerous key metrics. 

On Bitcoin’s birthday, Twitter users’ interest in Bitcoin hit new records.

 

 

Our social signal metric reflects the same phenomenon.

WBTC social signal increased by 87.41%. To make you keep track of the fast-moving in the crypto market, the social signal score is updated every day on dapp.com.

Go to the product detail page of WBTC, you’ll find that it experienced a sharp increase since 28th Dec 2020.

 

 

Here are the top 10 token projects with the highest social signal scores today. The social signal of every project is updated every day on dapp.com.

Let’s take Socios.com as an example.

The black dot line indicates the $CHZ token price. We can easily notice that there is a high correlation between the $CHZ token price and Socios.com social signal.

Another example is Loopring Exchange. The $LRC token price has also shown a close correlation with the exchange’s social signal.

 

 

Want to use the social signal as your crypto trading signal? Check all dapps’ social signal ranking here: https://www.dapp.com/dapps.

 

 

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