Bitcoin may be 52 percent behind its all-time high [ATH], but the current state of the market doesn’t seem bearish at all. If the last few months are anything to go by, the cryptocurrency market led by Bitcoin is unstoppable and is now, trading at its highest point in 13 months.
With the price on an unprecedented high and big names like Facebook, Fidelity, and TD Ameritrade confirming their venture into the virtual currency industry, the online chatter surrounding cryptocurrencies is soaring. This social media impetus bears dividend because the decentralized currency and blockchain technology industries are informal, internet-dependent and online community-centric, thereby Twitter and other channels help gauge public sentiment.
Bitcoin and the larger industry, especially this month, has seen a wave of positivity owing to the Facebook cryptocurrency project finally being confirmed by the Menlo Park company. An important ripple-effect of this announcement was felt by Bitcoin, with the cryptocurrency seeing a wave of positive social media presence due to Project Libra.
The numbers for this Bitcoin-Libra embrace were presented by The Tie which attested that the king coin experienced its highest volume on Twitter in June, with 38,889 tweets mentioning the term “Bitcoin.” Another interesting finding by the research group suggested that 7,051 tweets mentioned both “Bitcoin” and “Libra,” “#Libra” or “Facebook,” in the past 24 hours alone, since the social media giant announced its cryptocurrency.
Of the above tweets mentioning both Bitcoin and Libra, over 4,300 of the tweets or 61.4 percent were positive, affirming the bullish nature of the Facebook announcement for the cryptocurrency industry. The tweet read,
At 38,889 tweets Bitcoin is experiencing its highest tweet volume in June
There have been 7,051 tweets mentioning Bitcoin and Libra, #Libra, or Facebook over the last 24 hours. 61.4% of those tweets are positive
Libra/Facebook mentions are 3/4 most popular BTC topics today pic.twitter.com/7tjPbXd6OL
— The TIE (@TheTIEIO) June 19, 2019
Many naysayers in traditional markets, who have previously chided cryptocurrencies as a $285 billion scam, soon flipped with the prospect of Facebook embracing digital assets and the introduction of Libra. The formal acceptance of cryptocurrency by a company with a market cap more than double the global Bitcoin valuation is certainly a positive sign for the cryptocurrency industry, as it will help bring in skeptics into the virtual currency world.
However, it should be noted that many crypto-hopefuls have compared Libra to a fiat currency, given the basket-backing of the Facebook crypto-project and have likened Mark Zuckerberg’s company to a central bank.
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