Gauging the popularity of a cryptocurrency goes well beyond the current price and trading volume. Social volume is a key factor that often gets overlooked. There is also the liquid marketcap to take into account.
The Current Bitcoin Cash Social Sentiment
As Crypto Twitter is abuzz with hopes of a new altcoin season, the other cryptocurrencies are at risk of losing some traction. In the case of Bitcoin Cash, there is a minor decrease in social volume over the past week. That is not necessarily a terrible development, as no two weeks are the same in this industry.
What is a bit more worrisome is how the social engagement decreased by over 8% in a week. Such a strong decrease in engagement is unusual for any project ranked in the top 10 by market cap. Then again, altcoins are getting all of the attention right now. Recovering from this deficit should not be overly difficult.
On the other side of the social spectrum, everything has flashed green as far as BCH is concerned. There is still a 66% bullish sentiment across all of social media. A very strong figure, given how things are evolving in the cryptocurrency space as of late.
Having more social contributors per day will also play a key role. A strong increase has been noted in this regard. Combined with the rise in shared links and news volume, things look promising for Bitcoin Cash. Sustaining this rate of growth is crucial in the second half of 2020.
The BCH Liquid Market Cap
Looking at all of the "unusual" statistics no one else pays much attention to, the liquid market cap stands out. It depicts overall liquidity of a specific currency, regardless of actual trading volume, The more liquidity there is, the higher projects will rank on Messari.
Bitcoin Cash is in a good place here. It is ranked in the fifth spot, with a liquid market cap of $4.383 billion. This puts BCH ahead of Cardano, Stellar, Litecoin, EOS, Tezos, BNB, and so forth. Overtaking XRP will be difficult, as there is a $2.1 billion gap at the time of writing.