XRP and Ethereum social media buzz on the rise as interest in bitcoin wanes

The data shows that XRP and Ethereum are picking up social volume as investors begin to lose interest in Bitcoin.

Bitcoin Social Volume Shows Drop, Traders Shift Focus to XRP and Ethereum

According to data from on-chain analytics firm Emotion, The social volume of BTC has decreased since the surge in March. “Social Volume” here refers to a metric that tells us about the degree of discussion around a given cryptocurrency that social media users are currently participating in.

The indicator measures this in terms of the total number of text documents (that is, posts on various social media platforms such as Reddit, Telegram, and Twitter) that are mentioning the relevant asset.

One thing to keep in mind is that social volume doesn’t put any weight on the actual amount of discussion happening within any given post; This means that even if the term is mentioned multiple times in a text document, it will contribute only one unit to the value of the metric.

The advantage of this restriction is that it provides a better picture of what the coin is receiving from the general user. If the range didn’t exist, a long, isolated post with a large number of cryptic references could potentially skew the indicator itself.

Now, here is a chart showing the trends in the social volumes of Bitcoin, Ethereum, Binance Coin, XRP, Cardano and Dogecoin over the past year:

How the social volume of the various assets in the sector has changed in recent days | Source: Santiment on Twitter

As shown in the graph above, bitcoin’s social volume saw a huge jump in March as the asset’s value first saw a massive drop and then recovered with a spectacular rally.

Such swift price action always draws attention to any cryptocurrency, so it makes sense that social media users begin participating in a large amount of discussion around the coin.

Since topping out in April, however, asset prices have been in an overall decline. Simultaneously the social volume is also trending down, although the indicator has seen a slight increase during the recent volatile event.

The high volatility came after the US SEC filed back to back lawsuits on Binance and Coinbase, causing widespread panic in the market. As mentioned earlier, it is not particularly unusual to see a jump in social volume during such rapid price fluctuations.

Ethereum, XRP and Binance Coin also saw an increase in discussions related to them during the event, surpassing the levels seen during the past few months.

While volatility clearly plays a role in this increase, it is also possible that the slowdown in bitcoin-related buzz has contributed as well. It appears that investors are slowly losing interest in BTC, and are now shifting their attention towards altcoins such as XRP.

xrp price

At the time of writing, XRP is trading around $0.5, down 4% over the past week.

Looks like the asset has been moving sideways | Source: XRPUSD on TradingView

Featured Image from Kanchanara on Unsplash.com Charts from TradingView.com Santiment.net