• Bitcoin traders have started the week with an optimistic sentiment, as indicated by a big uptick in trader sentiment measure “social volume”
• Social volume measures the total amount of text documents that mention a keyword or set of terms at least once.
• Data from on-chain analytics firm Santiment indicates a sharp surge in positive social volumes for keywords like buy, bottom, bullish, etc.

Bitcoin Investors Show Optimism

Bitcoin traders have started this week with an optimistic sentiment, as indicated by data from the on-chain analytics firm Santiment. The relevant indicator here is the “social volume,” which measures the total amount of text documents that mention a keyword or set of terms at least once. This includes texts found on social media sources such as tweets, Reddit threads and forum posts.

Social Volume Indicator

The social volume indicator tells us about the degree of discussions taking place around a given topic on social media websites. This does not simply count the number of mentions however; it counts documents/posts containing it – regardless of how many times it is mentioned within one document/post.

Positive Sentiment Surge

From data gathered, there has been a big uptick in trader optimism in BTC and wider cryptocurrency market recently as shown by an increase in positive social volumes for keywords like buy, bottom, bullish etc. Over this past weekend however only negative sentiment was seen before another sharp surge occurred at the start of this week with more discussions now having majority positive view on BTC and digital assets in general.

Risk Of Fireback For Cryptocurrency?

While Bitcoin investors seem to be filled with optimism currently, there may be risk associated with such sentiments as well – especially if they are misguided or overly enthusiastic. If expectations become too high or assumptions made prove to be inaccurate then this could lead to fireback for cryptocurrency markets overall due to losses suffered by investors who got too caught up in their own hype or followed false promises too closely and without proper research into underlying fundamentals and risks involved.

Conclusion

It is positive to see Bitcoin traders beginning this week confidently but caution should still be exercised when making investment decisions given potential risks associated with overconfidence and unfounded speculation related to cryptocurrencies markets overall.