Twitter is a brilliant platform, isn’t it?
On which other platform will you find the President of an actual country declaring war and calling out reporters, news outlets and political opponents in 280 characters or less? Which platform has divided families and ended relationships the world over, based on the “perceived “color of a BLUE dress? And, which platform has scores of XRP armies, commenting on anything that has a Ripple effect on the rest of the cryptocurrency market?
However, Twitter is more than just those shenanigans. It is one of the most effective barometers to measure the popularity of the Bitcoin. If you mute out shitcoin loudmouths and shills, the Twitter volume mentioning “Bitcoin” or the like, does conform to the price of the top cryptocurrency in the market.
As revealed by cryptocurrency analytics firm, The Tie, tweets on BTC saw a significant upswing after its five-digit price breakout. On June 22, post the breakout, “Bitcoin tweets” reached its highest levels in 489 days.
The tweet volume broke the elusive 50,000 mark for the first time since February 2018, back when the market was on the edge of a price cliff that it would soon fall off. The Tie’s tweet mentioning “Bitcoin,” ironically read,
After Bitcoin hit $10,000 for the first time since March 6th 2018, tweets on BTC saw a massive spike
Bitcoin tweets on June 22nd rose to their highest levels in 489 days (February 20th 2018)
The red line below shows the trend in daily tweet volume pic.twitter.com/qodgXd7XvB
— The TIE (@TheTIEIO) June 24, 2019
Last week, a similar trend was seen, with the tweet volume reaching as high as 38,889, owed largely to the Libra announcement. The Tie reported that given the mentions of positive words associated with the keywords “Bitcoin” and “Libra,” the bullish sentiment from Facebook’s project was flowing to the cryptocurrency world, not just in terms of salutation, but also in price appreciation.
Since the Libra project surfaced, first with its “consortium” housing the likes of Visa, MasterCard, and Uber, then the custom-made blockchain and the Calibra wallet, the cryptocurrency market has broken the $300 billion ceiling, with the collective market in a monumental upswing.
However, due to the preponderance of troll accounts artificially creating social media chatter within the space, some have equated this metric as a proof of people shilling Bitcoin, rather than a proof of success.
Twitter is taking a shine to Bitcoin, owing to another social media giant, Facebook. With several analysts and digital asset proponents opining on other tech giants veering towards cryptocurrencies and with Jack Dorsey attesting to the need for a native currency of the internet, Twitter may act on its trending BTC chatter-volume and who knows, the social media giant could release a Taurus [TUR] coin in the future.
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