• The social dominance of Bitcoin (BTC) has grown tremendously since the start of the year and its price may continue to increase as bullish sentiment lingers.
• Data from cryptocurrency social analytics platform LunarCrush revealed that the spike in BTC’s dominance and its price in the last 27 days has led to an increase in discussions around the king coin.
• An assessment of BTC’s performance on the daily chart revealed the uptrend remained strong, with Open Interest increasing by 63% in the past month.

The start of the 2023 trading year saw a rally in Bitcoin’s [BTC] dominance in the market, with its market share increasing by 5% to 44.18% at press time. This growth in the cryptocurrency market was further highlighted by cryptocurrency social analytics platform LunarCrush, which reported an increase in discussions around the king coin with its current market cap.

The rise in Bitcoin’s dominance and its price in the last 27 days has been reflected in its Open Interest, which has increased by 63% since the start of the year. Open Interest is a measure of the number of traders that hold open positions in an asset, and a rise in Open Interest can suggest that more traders are bullish on the asset’s price.

An assessment of BTC’s performance on the daily chart revealed the uptrend remained strong. The leading coin’s Open Interest kept rising and its price has been in a steady uptrend since the year began. This has led to some analysts suggesting that the king coin’s price might increase even more as bullish sentiment lingers in the market.

At the same time, however, some analysts have also suggested that the euphoric sentiment among investors and traders could be a sign that the crypto asset’s price is nearing a peak, and a drawdown in price may follow. This is something that investors should keep an eye on, as markets can be unpredictable and there is always a chance of a sudden plunge in price.

In the end, it is up to the investor to decide whether or not to invest in Bitcoin. While its current rally has been impressive, it is important to remember that there is always a chance of a sudden drop in price. Therefore, investors should always do their own research and make sure they understand the risks before investing.

• Litecoin [LTC] completed two major milestones this week, having facilitated over 142 million transactions and reaching a peak hash rate of 742.30 TH/S.
• The milestones confirm that the Litecoin network is in a healthy state with increased security, but the resistance level near the $90 price mark is preventing investors from buying in.
• The RSI and MFI have retraced significantly in the last seven days, showing that the bulls are losing their grip.

Litecoin [LTC] had a rather interesting week, having completed two major milestones that showcase the health and security of the network. On 27 January, the network announced that it had facilitated slightly over 142 million transactions. This milestone came just 24 hours after a previous milestone about its hash rate, which peaked at 742.30 TH/S earlier in the week.

These milestones show that the Litecoin network is in a healthy state, especially with the upcoming halving. This could potentially support LTC’s value and perhaps lead to a higher price level. However, despite the recent milestones, Litecoin has been faced with a major resistance level near the $90 price mark. This has caused investors to remain on the sidelines as the price is stuck in a narrow range.

LTC traded at $88 at press time and has been trading within the same range for the last few days, indicating that there is no sell pressure. This has caused the RSI and MFI to retrace significantly in the last seven days, suggesting that the bulls are losing their grip.

Overall, the recent milestones have yet to have a positive impact on the price of Litecoin. Investors are still waiting for the price to break the resistance level before entering the market. Until then, it remains to be seen whether or not Litecoin will be able to overcome the current resistance and regain its bullish momentum.