- 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.
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.
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.
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.
Helium HNT Wallet v2.6.3 (Android & iOS)
The v2.6.3 release is a bugfix and performance release that includes a fix to the closed vote view, adds further improvements to priority fees during periods of Solana congestions, and improves claiming through a Ledger hardware…
— Helium (@helium) January 31, 2024
Solana’s second release of the blockchain phone, Saga Mobile, has also likely contributed to keeping the asset relevant among market participants.