Summary
- On-chain analytics firm Santiment reported that Bitcoin's social share has reached 43%.
- Santiment indicated that this surge in social dominance is interpreted as a market overheating signal, suggesting a possibility of short-term correction.
- Analyst Brian Quinlivan explained that as Bitcoin’s price reached a record high, the FOMO phenomenon among retail investors intensified.
Bitcoin (BTC) is showing signs of overheating, with analysis suggesting a possibility of a short-term correction.
According to Cointelegraph on the 20th (local time), on-chain analytics firm Santiment stated, "43% of all virtual asset (cryptocurrency) related social media (SNS) mentions are concentrated on Bitcoin. Such a surge in social dominance is considered a market overheating signal, indicating the possibility of a short-term correction."
In this context, Brian Quinlivan, a Santiment analyst, said, "As Bitcoin's price surpassed $123,100 for the first time ever, mentions of Bitcoin on social media also hit an all-time high," adding, "This demonstrates that many retail investors are swept up by FOMO (fear of missing out)."
Suehyeon Lee
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