In the middle of March, Bitcoin reached its all-time high (ATH) at $73,737 before experiencing a decline. Since the halving in April, Bitcoin has entered a new phase, but its price performance has not fully reflected this change. However, recent days have shown signs of a revival, with the BTC price surpassing $67,000 for the first time in about a month.
Will Bitcoin’s Price Increase?
A recent report from Santiment, a prominent on-chain analysis firm, states that the crypto community’s interest has shifted to Bitcoin after the price exceeded $67,000. This conclusion is based on the Weighted Sentiment metric, which indicates the overall positive or negative sentiment towards a cryptocurrency.
The Weighted Sentiment metric consists of two sub-metrics: sentiment value and social volume. The sentiment value metric evaluates whether the community has positive or negative views about a particular cryptocurrency, while the social volume metric measures the total mentions of the asset on social media.
The Weighted Sentiment indicator is derived from both the sentiment value and social volume. When the social volume is high and there is a significant average sentiment (positive or negative), notable changes in the metric can be observed.
According to Santiment’s analysis, Bitcoin’s weighted sentiment has reached its highest value since January following the recent price increase. The last time this sentiment was observed was when the Securities and Exchange Commission approved BTC spot ETFs in the United States.
Bitcoin is not the only cryptocurrency among the top 20 with positive sentiment today. According to data provided by Santiment, the Chainlink (LINK) token, which has seen a 20% increase in value over the past week, has shown a consistent upward trend over the past year.
What is the Price of Bitcoin?
At the time of writing, Bitcoin is trading at $67,000, representing a roughly 0.10% increase. Over the past 7 days, BTC has seen a 10% rise.
Bitcoin’s market cap remains above $1.3 billion, while the 24-hour trading volume stands at $17 billion after a 40% drop.
Meanwhile, Chainlink (LINK), which often moves in tandem with Bitcoin, is trading at $16.29 after a 0.72% increase. Chainlink’s market cap has risen above $9 billion, while its 24-hour trading volume has decreased to $461 million, indicating a decline in investor interest.
Disclaimer: The information provided in this article is not investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
