Bitcoin [BTC]: What its social dominance stats tell us about its ‘king coin’ label
Bitcoin’s [BTC] price drop since the new month began might have been demoralising for investors. However, the king coin continues to exert supreme dominance in the market. This claim is because the number one cryptocurrency in market value has outperformed top altcoins over the aforementioned time period.
Read Bitcoin’s [BTC] Price Prediction 2023-2024
A quick assessment of the market puts BTC with a 6.21% declinem at the time of writing. However, fellow competitors like Litecoin [LTC] fell by 12.54% while Cardano [ADA] dropped by 10.37%.
Needless to say, there is only a tiny chance that BTC could imitate its January and February performance. However, the crypto’s initial resistance to its historical March falls may now be in motion.
Santiment, in its 7 March tweet, affirmed that BTC has been comparatively outperforming a majority of the market’s altcoins. Despite the admission, however, the on-chain analytics platform also pointed to the social dominance trend.
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