Bitcoin's Strong Week, But Altcoins Steal the Show

A recent analysis by Santiment, a cryptocurrency analysis platform, suggests that while Bitcoin's price has risen by 2.1% in the last week, some altcoins have seen stronger movements. Bitcoin's visibility on social media has seen a significant decline, with conversations about Bitcoin on X, Reddit, Telegram, and other social platforms decreasing by approximately 33% compared to the previous week. This low level of social interest is noteworthy, even as Bitcoin approaches its local peak of around $87,300 recorded last week. Ethereum also saw a similar drop in social volume, approximately 33%.

Santiment noted that October is often considered a strong period for Bitcoin, but cautioned that this alone might not be enough for a bull run. The platform pointed to independent catalysts such as ETF demand, regulatory developments, interest rate policy, and mass adoption as being more decisive in terms of price movements. On-chain data for Bitcoin showed that large investors continued to buy, with wallets holding between 10 and 10,000 BTC accumulating a total of 44,669 BTC since September 18th.

However, the fact that small investor wallets also bought during the same period was considered a development that the platform should approach cautiously. Santiment noted that in the past, strong price increases have generally progressed more smoothly when small investors were selling and large investors, described as whales and sharks, were accumulating. The platform highlighted the risk that the number of active addresses on the Bitcoin network and network growth are not keeping pace with the price increase.