Bitcoin’s 26% Rally Was Not a Single Wave: Social Interest Shifted to Different Coins

During the August rally, social interest did not spread across all cryptocurrencies simultaneously; attention shifted to different assets on different dates.

Although prices showed a broad upward trend throughout August, online interest did not move in a single wave. While Bitcoin’s price increased by approximately 26%, social volume—which measures the total amount of posts and conversations about Bitcoin—only rose by 9%.

Santiment data revealed that the share of assets within crypto conversations diverged significantly during the 10-day period following August 19. These rates do not represent the absolute number of users or market share, but rather the change in each asset relative to its own pre-rally average.

Social Interest Distributed Sequentially Among Coins

The most drastic change was seen in Zcash (ZEC). Zcash’s social dominance averaged 183% higher compared to its pre-rally levels. For Hyperliquid (HYPE), this increase was 44%. While the rise in Bitcoin remained at approximately 12%, the increase in Ethereum was measured at 8%.

Peak dates in the charts also revealed that the rally was not a simultaneous explosion of interest. Ethereum’s social dominance peaked on August 11, while Zcash peaked on August 22. Bitcoin and Hyperliquid reached their highest levels on August 26.

Santiment’s comparison indicates that despite the broad appearance of price movement, online attention did not converge on the entire market simultaneously. Interest concentrated on one asset first before shifting to another coin.