Cryptocurrency, for most of its history, has been a very niche market that grew from pockets of supporters around the internet into the global phenomenon it is today. One way of tracking the growth of cryptocurrency, like any other phenomenon in the Internet age, is to track its attention across various social media platforms. Once a phenomenon becomes popular across the internet, it is easier for it to make the leap into the mainstream which is why there is such a dedicated following for the crypto community online.
According to recent reports, the amount of Twitter-related crypto content, as well as membership in Telegram groups that were dedicated to crypto, have seen a decline since the year 2018 but that seems about to change.
Online Crypto Activity
This comes via a report from The Tie which is an analytics and finance management startup that states that cryptocurrency across-the-board saw a reduction in Twitter engagement from January 2018 to April 2020. According to Joshua Frank from The Tie, things have been improving since the year 2020 as the first quarter was positive for cryptocurrency interest across the Internet.
“In January of 2018, Bitcoin’s 30-day average tweet volume peaked at just over 80,500 tweets per day. It has fallen 66% since that all-time high. That said, the majority of the drop off in Bitcoin Twitter volume occurred in 2018 and BTC tweet volume is now hovering around the same levels that it was in October 2018,” he said.
There was also a report released by Aztec, a cryptocurrency trader, on April 15, 2020, which states that there has been a significant loss of members in Telegram groups from June 2018 to April 2020. Some of the biggest groups saw a 25 percent to 75 percent decline with many leaving before the end of 2019.
Along with discussion about cryptocurrency interest across the Internet is also a discussion about whether the engagement with cryptocurrency online has any effect on market price. According to Frank, the drop in engagement does not likely indicate that cryptocurrency as a whole is declining.
“…I don’t think we have seen anything notable among the largest digital assets. In Q1 TRON saw a 41% decrease in conversations despite Justin Sun’s lunch with Warren Buffett and his acquisition of Steemit. As conversations declined by 41%, the price fell by 13%. On the other hand, DASH, which was among the best performing assets (+58%) saw a corresponding 61% increase in twitter conversations,” he said.
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