Santiment recommends keeping an eye on XRP and Cardano among other altcoins.

According to data from Santiment, XRP and Cardano, among other altcoins, may be the ones worth keeping an eye on in the coming days.

Social Dominance Of Altcoins Like XRP & Cardano Has Remained Low Recently

According to data from the analytics firm Santiment, Bitcoin is currently receiving the most attention in the market, while some of the altcoins are not being talked about as much. The indicator of interest here is “social dominance,” which requires looking at the “social volume” first.

Social volume is a metric that measures the total number of unique social media posts or threads that mention a specific asset or term. The term “unique” means that each post is only counted once, regardless of how many times it mentions the term (as long as it is mentioned at least once).

If the metric counted the total number of mentions instead, a single thread with a large number of mentions could disproportionately increase the count, even if mentions are low elsewhere on social media. Therefore, to obtain a more accurate representation of the trend in the broader market, social volume only considers unique posts.

Social dominance is an indicator that compares the social volume of a specific cryptocurrency with the combined social volume of the top 100 assets in the sector (based on market cap).

Here is a chart showing the trend in the social dominance of the five largest coins in the market: Bitcoin (BTC), Ethereum (ETH), BNB (BNB), XRP (XRP), and Cardano (ADA):

The metric value has remained low for altcoins | Source: Santiment on Twitter

As shown in the graph above, the social dominance of Bitcoin has been high since the rally began at the start of the year. The asset has been leading the price surge in recent months, so it is not surprising that interest in the cryptocurrency has been elevated during this period.

Discussions about BTC on social media slightly decreased last month when there was fear, uncertainty, and doubt (FUD) in the market. However, with the latest surge above the $30,000 level, interest in the coin has spiked again.

Meanwhile, other top assets like XRP have only experienced a sideways trend or a decrease in their social dominance. This suggests that these cryptocurrencies have failed to attract significant attention in the past couple of weeks.

However, the high amount of discussion around Bitcoin is not always a positive sign, as excessive excitement has often historically led to the formation of a local top.

On the other hand, since the altcoins are currently not receiving much attention, they may have the potential for further price increases. Specifically, Cardano, BNB, and XRP have relatively low values of the indicator right now, which, according to Santiment, makes them worth keeping an eye on.

XRP Price

At the time of writing, XRP is trading around $0.48, up 1% in the last week.

XRP seems to have been struggling recently | Source: XRPUSD on TradingView

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