BTC’s Social Dominance Continues To Surge Amid Anticipation of BTC ETF Approval

As the crypto community continues to anticipate the approval of BTC spot ETFs, Santiment, a market on-chain analytics platform, reported that Bitcoin’s social dominance and social volume increased in the short-term period.

Looking at Santiment’s chart, Bitcoin ETF optimism spiked to the highest level since the start of the bully rally in mid-October. Furthermore, it was pointed out that the top five trending keywords on social platforms dominated by ETF discussions are — etf, btc, week, approval, and btcetf.

Apart from social dominance and social volume, traders have been purchasing BTC aggressively in anticipation of the upcoming approval, which has influenced the prices of the crypto leader to experience a surge. One of the main reasons behind the aggressive buy is mostly due to expectations that several ETF applications would be approved, opening the market to non-traditional crypto traders and investors. This would simultaneously increase the demand for BTC, thus increasing the price of the limited-supply crypto leader.

Bitcoin started trading with an opening market price of $43.99K; it observed a 6.45% spike in just one day, making its wick break through the $47K resistance. At press time, BTC is priced at $46,773.13, and its market cap is valued at $916,708,151,199, according to CoinMarketCap.

BTC/USD 4-Hour Chart (Source: TradingView)

While it was reported earlier that BTC showed signs of consolidation, the buyers’ activity has caused BTC to break above the upper band. Furthermore, the RSI is also positioned in the overbought region. Normally, it is expected that a price correction would happen in response to overbuying activity; however, in this scenario, BTC may continue to remain in the overbought region for some time if buyers continue to overpower the sellers in the market.