Silver and gold social media outpaced cryptocurrency discussions on most days this month as retail investors reacted to the recent surge in precious metal prices, based on market research platform Santiment.
Gold talk erupted within the second week of January because the metal hit latest highs and dominated social traffic between Jan. 8 and Jan. 18, based on Sanbase data published in a Santiment X post on Tuesday.
Interest in cryptocurrencies briefly returned within the third week of January as traders looked to “buy on the way in which down as they fall,” with cryptocurrencies leading social media discussions between January nineteenth and twenty second.
However, based on Santiment, interest in silver has now increased again as the dear metal reached latest all-time highs. Silver was also essentially the most talked about period between January 1st and January sixth.
“Cryptocurrency traders are known for switching between different sectors inside digital assets based on the most recent and biggest hype cycles, resembling memecoins vs. AI vs. blue chips, etc.,” said Santiment analysts.
When prices rise sharply, silver and gold are likely to dominate the discussion on social media. Source: Santiment
“But now retail is proving completely open to emerging sectors, with social data showing gold, silver and even stocks attracting increasing interest depending on where the most recent pumps occur,” they added.
Silver interest could mean a top: Santiment
According to TradingView, silver prices have risen and hit a brand new all-time high of just over $117 on Tuesday.
However, Santiment analysts said interest and resulting fear of missing out (FOMO) amongst retail traders generally means a peak is near.
“A living proof was today when silver set records by rising above $117.70 after which falling back below $102.70 just two hours later after the retail frenzy peaked,” they said.
Silver is currently trading for around $113 on Wednesday.
Google Trends shows that crypto is ahead today
Meanwhile, Google Trends shows that searches for crypto over the past seven days reached a high of 100 on January 21 after which fluctuated between a low of 61 on Saturday and its second high of 93, which it reached on Monday.
Terms like “best cryptocurrency” in addition to “what’s cryptocurrency” and “crypto price” were among the many top five search queries. As of Wednesday the worth is 82.
During the identical period, Bitcoin (BTC) had the very best search interest on Monday with a price of 100 and the bottom search interest on Sunday with a price of 58. The top five searches included terms like “Bitcoin price” and “Bitcoin USD.” The current value is 86.
In comparison, Silver saw the very best search interest on January twenty second at 100 and the bottom on Sunday at 46. The top searches included “silver price” and “silver price today”. On Wednesday the rating was 68.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph's editorial guidelines and goals to supply accurate and up-to-date information. Readers are advised to independently confirm the data. Read our editorial policies https://cointelegraph.com/editorial-policy
