Bittensor, Helium, and Solana lead speculative gains



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  • Bitcoin social volume declined in the past week, paving the way for altcoins to rally. 
  • Bittensor, Helium and Solana emerged as top notable performers during the seven-day rebound in crypto markets. 
  • Traders have shown an increasing interest in speculative altcoins while BTC trades sideways below $43,000, this week.

Bitcoin has observed a decline in its social volume and dominance as seen on the on-chain metric provider Santiment. A decline in social volume indicates that market participants are discussing “Bitcoin” relatively less, and discussions of other altcoins are taking precedence. 

Altcoins Bittensor (TAO), Helium (HNT) and Solana (SOL) emerged as notable performers among others in the crypto market recovery last week. 

Also read: Bitcoin holders hopeful as Grayscale's GBTC outflow slows, signaling potential price recovery on the horizon

Altcoins offer double-digit gains in the past week

Three altcoins, TAO, HNT and SOL offered 70%, 37% and 25% gains to holders in the past week, according to Santiment data. This coincides with Bitcoin suffering a decline in Social Volume (SV) and dominance in the past two weeks. The explanation may be that the concentration of social chatter about the largest crypto has shifted to lesser altcoins, paving the way for them to gain popularity among market participants. 

BTC

Bitcoin Social Dominance. Source: Santiment

Analysts at Santiment note that traders have shown a heightened interest in several altcoins in the top 100 cryptocurrencies by market capitalization, instead of Bitcoin. 

As seen in the Santiment chart, several altcoins have seen a spike in SV in the past week. 

BTC

Crypto market rebound as BTC Social Volume declines. Source: Santiment 

Social trends data from Santiment reveals that “TAO” is trending among market participants and it ranks ninth in the top ten. TAO’s price rally has caused a spike in interest and discussion among traders on social media platforms. TAO hit an all-time high of $469 early on Tuesday, January 30. 

Helium and Solana are the other two altcoins with relatively high returns for traders. Solana based protocol Helium released v2.6.3, a bugfix and performance release on Wednesday, according to an official tweet on X. 

Solana’s second release of the blockchain phone, Saga Mobile, has also likely contributed to keeping the asset relevant among market participants. 






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