Twitter Activity Related To Bitcoin Surges After Surpassing $11,300
- Twitter activity related to Bitcoin spikes due to the cryptocurrency positive performance
- Bitcoin reached its highest price in more than a year
Twitter, one of the most popular social media platforms in the world, has registered the highest number of Bitcoin (BTC) mentions since February 2018. This shows that the sentiment in the space is again surging and the interest for Bitcoin is also growing.
Bitcoin Mentions on Twitter Expand
Twitter users seem to be excited about the future of the cryptocurrency space. According to The Tie, after Bitcoin hit $10,000 for the first time since March 6th 2018, the number of tweets related to Bitcoin surged.
As the crypto analytics firm explained, Bitcoin tweets on June 22nd rose to their highest levels in 489 days, which dates back to February 20, 2018.
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
Twitter can be used to measure the popularity of a specific topic, trend or, in this case, cryptocurrency. It is also possible to see that the interest on Twitter follows the price of the digital currency and how it behaves. During periods of lower volatility, the interest for Bitcoin in the market seemed to drop.
At the same time, it seems that the official announcement of the Libra cryptocurrency could have positively affected Bitcoin and the whole crypto market. Analysts and investors discussed whether the virtual currency is going to be having a positive or negative effect on the crypto market.
In addition to it, there are several analysts that consider that the digital currency could keep growing in the future. This could also help attract more individuals to the space. If the price of the cryptocurrency continues growing, the Twitter enthusiasm would follow.
A few days ago, Bitcoin surged above $10,000 and then it surpassed $11,300. This has generated a generalized enthusiasm about digital currencies and the future of the space.
At the time of writing this article, Bitcoin is being traded around $11,356 and it has a market capitalization of $201 billion, according to CoinMarketCap.