Bitcoin (BTC) Price

TheTie BTC Study: Bitcoin Interest Levels At 8-Month High Following Recent Price Surge

Shiraz J
June 7, 2019

Study: BTC Interest Levels At 8-Month High Following Recent Price Surge

Even though Bitcoin’s total tweet volume has increased substantially over the past month or so, the number of searches associated with the flagship cryptocurrency on Google have remained relatively low.
A number of experts believe that BTCs current financial ascent could be a direct result of new FOMO that has seeped into the market over the course of the past 6 months or so.

As per a research piece published by Forbes earlier today, Bitcoin’s overall online interest recently touched its 8-month apex after the premier digital currency experienced a massive price surge this past May — with the altcoin scaling up to an average price point of around USD $8,500.

A Closer Look At The Matter

During the course of the last 35 odd days, the price of Bitcoin went up from $7725.55 to around $8,500 price mark — thereby signalling a 60% increase in value for the flagship crypto asset. Additionally, it is also worth pointing out that during the aforementioned time period, the price of BTC scaled past the $9k mark for a couple of hours.

Even though BTC had been doing quite well over the first five months of 2019, its associated tweet volume over this time period remained at its lowest (in about 5-years).
According to the aforementioned Forbes article, the currency’s tweet volume reached an 8-month high this past May.
According to Joshua Frank — co-founder of crypto research firm TheTie — Bitcoin’s tweet volume shares a direct correlation with the asset’s market value and total capitalization.

Twitter Hype and Bitcoin Market Cap

Other Details Worth Pointing Out

With the overall sentiment of the crypto investment community (towards Bitcoin) remaining quite positive since the start of the year, it appears as though more and more retail FOMO is once again creeping into the market.
During the month of May, there were two days during which the total BTC tweet volume exceeded the 40,000 mark. As per data sourced from TheTie, the last time this happened was nearly 10 months ago ( July 2018 to be exact).
Lastly, between December 2018 and April 2nd, 2019 there were 0 days during which the total BTC tweet count exceeded the 30k mark. However, last month alone there were 19 days where BTC’s associated tweet count exceeded the above stated figure.

Final Take

As many of our readers are probably already aware of, after crossing its $9k resistance barrier last month, BTC scaled down below the $8k mark a couple of days back. It now remains to be seen what the future has in store for the flagship crypto coin.

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Shiraz J

Shiraz is a multi-year cryptocurrency analyst and blockchain journalist residing in Melbourne, Australia. When he is not writing about the bitcoin ecosystem, he enjoys the art of meditation, playing the blues and traveling the world.