Social activity surges within the crypto community amid signs of a potential market recovery

For months, the crypto sector has been fighting an extended bear market, with assets like Bitcoin (BTC) saddled with the prevailing macroeconomic factors. However, the market is showing signs of recovery, a factor that appears to be sparking excitement within the crypto community.

In this line, as of October 26, the social activity of the crypto community has risen to 910.63 signals, with the new value likely to ever be achieved if the recovery continues, data through moon crash Indicates.

“Global crypto community activity surges at the slightest sign of a potential bounce. The platform says that confirming a bounce can send community activity to record levels.

Social signals for the crypto community for two years. Source: LunarCrush

The repercussions of social activity on cryptocurrencies

Notably, there is a correlation between cryptocurrency price movements and social media activity. Most social media platforms are seen as an indicator of the crypto community’s collective thoughts and ideas about the sector.

In addition, the value of cryptocurrencies can often be determined by increased participation in social media. The trend mainly affected altcoins.

Bitcoin leads to recovery

Signs of a potential market recovery have been highlighted with Bitcoin rallying beyond the $20,000 level. Notably, after a consolidation around the $19,000-$20,000 level, Bitcoin is now seeing the $25,000 region. At the time of writing, the asset is trading at $25,700.

The price recovery is also followed by lower Bitcoin volatility with major major indicators making the major cryptocurrency look more stable than risky assets.

In addition, most digital assets are also attracting increased buying pressure that is pushing the market back to the $1 trillion mark after trading below the level for nearly six weeks.

In addition to Bitcoin, Ethereum (ETH) is also leading the recovery with other rated cryptocurrencies, trading with a market capitalization of $1,550, up more than 20% in the past seven days. Interestingly, Ethereum reached a new price level for the first time since September 15, when the historical merger was upgraded.

Although the cryptocurrency space is showing signs of recovery, investors need to be careful as macroeconomic factors continue to weigh heavily. In addition, the challenges surrounding Bitcoin led by miners remain.

warning: The content of this website should not be considered as investment advice. Investments are speculative. When you invest, your capital is at risk.

Crypto Community social activity posted amid signs of a potential market recovery first appeared on Coinphony.

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