Bitcoin Tweet Volume Spikes, Exchanges and On-Chain Data Analytics Platforms Gain More Followers
More people are posting tweets about “Bitcoin,” The Block Research data on Feb 21 shows.
Bitcoin Tweet Volume spikes in February
By mid-February 2021, there were 675k Bitcoin tweets, a 17.13 percent increment from a week before when the figure stood at 576k.
Simultaneously, there are even more people following the Twitter accounts of leading cryptocurrency exchanges like Coinbase and Binance. Even more now follow the accounts of on-chain data analytic platforms like The Block, Santiment, or CoinMetrics.
On-Chain Analytic Platforms and Exchanges Have More Twitter Followers
Although the number of followers to such portals remains high, it is below those of mid-January 2021, when it spiked to new all-time highs.
There is evidence suggesting that although interest is high and more people are eager to learn about Bitcoin, contributing to social media discussions, not many are joining cryptocurrency exchange.
Herein, they can commit to either convert their fiat to Bitcoin (or any other supported coin) or actively trade.
Interest Pales That of 2017 as per Google Trends
Even though there has been a near exponential rise in cryptocurrency prices, fewer people follow the Twitter accounts of exchanges than in early 2018.
Then, Bitcoin prices exceeded expectations, fleetingly rising to $19.9k. The main drivers were retailers flocking in droves to different Initial Coin Offerings (ICOs) launching from smart contracting platforms like Ethereum and Waves.
Preceding the exponential expansion of Bitcoin prices, Google searches for the term Bitcoin rose to June 2019 levels in early December 2020.
It is around this time that BTC/USD prices were retesting 2017 highs. Interestingly, retail interest from Google Trends is significantly lower than the climactic searches of late 2017.
Bitcoin is a Trillion-Dollar Asset
Coinciding with this interest are erupting Bitcoin prices.
For the first time in history, Bitcoin became a trillion-dollar asset, eclipsing the valuation of megaliths like Tesla and quickly closing in on Silver’s market capitalization.
Rising Bitcoin price could also see the digital asset surpass Alphabet’s valuation and, soon, Gold. Bitcoin is considered a superior version of the yellow metal whose total supply is known and operating transparently in a public ledger.
As BTCManager reports, analysts project Bitcoin prices to rise even higher. Central banks continue with their debasement, and Bitcoin is a hedge against inflation.