Bitcoin Q1 Report: On the Road to $30,000, amidst Silicon Valley Bank implosion
Market analysis firm, Santiment published a recent report on the market dominance of Bitcoin which projected a positive sentiment towards the market. Bitcoin has been seen on close quarters treading towards $30,000 after attaining the $25,000 mark following the Silicon Valley Bank (SVB) Catastrophe recently.
Social Dominance and Social Volume of Bitcoin
From Santiment’s report, a survey carried out shows Bitcoin surging in terms of social dominance and volume. Social dominance measures the amount of social presence Bitcoin has, which involves conversations and discussions in forums like Discord, Twitter and the likes.
Whereas, social volume has more to do with keyword count; measuring the amount of times Bitcoin pops up in conversations on Telegram, Whatsapp, Twitter and other social media platform under this measuring scale.
This dominance has also been backed by a spike in Bitcoin holdings from whale wallets and old wallets. This alone has set bitcoin on the trend to the $30,000 mark, recording Bitcoin’s highest trading volume since the year began.
Twist of Events
This spike in Bitcoin comes as a shock to many as the Silicon bank valley implosion took a different turn. Compared to FTX crash of 2022 which completely destabilized the market, the SVB implosion saw an increase and upward trend in cryptocurrencies, with some coins recording their highest price surge since the beginning of 2023.
There has been a tremendous spike in Bitcoin’s trading volume and price, with many speculating this could show more reliance on cryptos rather than the affected stablecoins.
Bitcoin’s market capitalization also recorded a spike of over 20% in the first quarter alone. Despite the failure of two major crypto friendly banks, Silvergate and Silicon Valley Bank, some crypto assets managed to pull through with a fair trading volume and later rallied up in volume, hence, recording highest price attained since 2023, some of which where Bitcoin, Ethereum and even stablecoin Tether.
Whales are now accumulating massively for the longterm rally awaiting the next bull run. Bitcoin is currently trading at $28,436 with a 1.15% surge in the last 24hrs.
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