Crypto Twitter Activity Reaches 2-Year High
Summary
- Crypto twitter activity reaches a two-year high following the Bitcoin halving.
- On May 11th, there were over 82,000 Bitcoin-related tweets on the social media platform.
- Jack Dorsey (CEO of Twitter), is an avid Bitcoin supporter.
Crypto twitter activity has surged, evident by a clear upward tweet trend in the last six months. While Bitcoin still dwarfs twitter activity, other large cryptocurrencies have seen social media activity growth as well.
BitInfo complies tweet data for Bitcoin, Ethereum, and Ripple by crawling for the #Bitcoin, #Ethereum, #XRP tags respectively. Thus, the data does not include tweets marked with $BTC, $ETH, or $XRP. As a result, cryptocurrency-related tweets extend further than what’s presented.
The surge in awareness is good news for the cryptosphere. Social media awareness will bolster blockchain and cryptocurrency adoption.
Bitcoin Halving
The surge in Twitter activity can be attributed to the Bitcoin halving. The highly anticipated Bitcoin halving occurred on May 11th, the day Bitcoin tweets spiked.
The Bitcoin halving reduced the block reward from 12.5 Bitcoin to 6.25 Bitcoin per block, reducing the BTC inflation rate to just 1.8% per annum. The halving event, which occurs every 210,000 blocks (~ four years), drew in mainstream media attention, likely attributing to the surge in Bitcoin tweet activity.
Confirmed by Google Trends, interest in Bitcoin is surging. Search trends for the term “Bitcoin” have surged prior to the halving. Prior to the halving Bitcoin’s price surged. The cryptocurrency saw a 49% price increase over the last month. Bitcoin is now trading at $9,700 after dropping to $8,500 just prior to the halving.
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