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The cryptocurrency sector gained a completely green outlook as the leading cryptocurrency, Bitcoin (BTC), resettled above $31,000. Numerous cryptocurrencies, including the leader, started to rise again, potentially heralding the long-awaited mini bull season. Naturally, BTC’s recovery from a six-month long decline plays a significant role in this development. But which altcoins could potentially take the foreground in such a mini-rally?
XRP, ETH, ADA, and BNB Silently Progress
There are many ways to comprehend this, and social media dominance rate is one of them. Looking at the data published by Santiment, it is possible to spot a few cryptocurrencies that, although lagging behind BTC, are suppressing other altcoins. These can be named as Ethereum (ETH), Cardano (ADA), XRP, and Binance Coin (BNB) respectively. Although these altcoins are lagging behind BTC, they still emerge as the most prominent projects in terms of social media influence.
Bitcoin’s social media dominance was at 23% as of June 28, while ETH was at 7.32%, Cardano at 1.53%, and XRP at 1.17%. Binance’s highly discussed cryptocurrency BNB is at the bottom with 0.64%. BTC’s price increase of 82% since the end of the year and its status as the leading cryptocurrency obviously shifts its social media impact. The upward trend that started for BTC a few days ago and the momentum that lasted over $31,000 also boosted its social media effect. Nevertheless, it is observed that the emerging altcoins have a much lower social media impact than the previous altcoin rally times. This reveals that a possible rally has not started yet.
In the previous altcoin rallies that started with ETH, cryptocurrencies like ADA and XRP had followed them, and each had experienced their rallies. A similar situation is expected this time, and a significant rally could start with leading altcoins. The rates of social media impact indicate which ones have a higher probability to start it.
