As bitcoin (BTC) started to fall from the $26,000 mark, social volume and sentiment towards the cryptocurrency has skyrocketed, according to data provided by market intelligence platform Santiment.
While the prices of some major altcoins — Ethereum (ETH), Binance Coin (BNB) and XRP, for example — have seen significant declines over the past 24 hours, Santiment data shows that their social volume has picked up.
Furthermore, bitcoin experienced a massive social rally in the middle of March, but the recent events regarding the US Securities and Exchange Commission (SEC) and leading cryptocurrency exchanges, Binance and Coinbase, have significantly lowered the social media trend.
On the other hand, Ethereum, XRP, and BNB have seen an impressive rise in terms of social sentiment.
Dogecoin (DOGE) and Cardano (ADA) social volume also declined as their prices fell further to $0.27 and $0.06 respectively.
While social volumes for ETH and XRP rose, their prices went the other way, falling by 0.5% and 4.8%, respectively.
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On the other hand, BNB has seen a significant rise in its social volume and price. BNB price is up 4.8% over the past 24 hours and is trading at $247.09 at the time of writing. The asset’s price hike comes along with an explosion in 24-hour trading volume, which is up 30% and currently stands at over $967 million.
The social trends come when the SEC stabilized 67 cryptocurrencies as securities. According to a crypto.news report, the value of assets listed by the regulator is more than $100 billion — which is more than 10% of the global cryptocurrency market cap.
