Cryptocurrency analyst Joao Wedson, in his latest assessment of the market, noted a shift in investor interest. He noted that the sharp decline after Bitcoin reached $124,000 also led to a decline in social media interest and Google searches.
“Search volumes have declined, but there’s still some momentum in the market. People typically show more interest when prices are rising. Over the last three days, interest in Coinbase and Dogecoin has decreased, while interest in CoinMarketCap, OKX, Binance, and Hyperliquid has increased. This could be linked to increased speculation in altcoins,” Wedson said.
According to the analyst, investors are initially turning to CoinMarketCap and then trading on exchanges in search of opportunities. However, social interest in leading cryptocurrencies like Ethereum, Solana, and XRP has reportedly fallen back to low levels.
Wedson also highlighted Binance’s dominance in spot trading volume, commenting, “Binance’s spot volume surpasses all other exchanges combined. If this dominance persists, it could be a very interesting month for BTC, similar to the period when Bitcoin surged from 40,000 to 73,000 after the ETF launch.”
*This is not investment advice.