The number of tweets with #Bitcoin has dropped significantly in the past few months. The mentions plummeted today to the lowest level recorded.
Unfolded (@cryptounfolded) is reporting that the number of Tweets mentioning #Bitcoin has just hit a new low. It is currently sitting at the lowest level since 2014.
— unfolded. (@cryptounfolded) October 4, 2019
Some are claiming that this shows that the so-called ‘Crypto Twitter’ is losing its influence. The number of cryptocurrency-related activity on social media has dropped significantly as of late, but many are also pointing out that the #Bitcoin hashtag has also fallen out of use entirely.
As noted cryptocurrency trader FilbFilb (@filbfilb) posted recently on Twitter, nobody is using #Bitcoin anymore anyway. So, the data might be overselling how ‘dead’ Crypto Twitter really is.
What sort of a plebs post with hashtags anyway. https://t.co/T1wdM3z329
— f i l ₿ f i l ₿ (@filbfilb) October 4, 2019
Twitter has often been used as a tool to gauge market sentiments, as BeInCrypto has previously reported. Bitcoin, however, still leads in mentions followed by Ethereum and Ripple. Yet, Twitter data has proven unreliable to assess market cycles since increases in Twitter mentions seems to be a lagging indicator for the market. In general, an increase in cryptocurrency-related Twitter activity seems to come after major market movements, not before.
As a response to the drop in #Bitcoin mentions, many on crypto-Twitter have decided to take it upon themselves to get these numbers up. Replying with #Bitcoin to Unfolded’s tweet, the idea is to demonstrate that these depressed numbers are artificial. After all, could it really be the case that Bitcoin is less talked about than it was in 2014? Many have rightfully called this idea into question just based on trading volume alone.
By all estimates, however, it’s time for the cryptocurrency space to step up its Twitter presence. It is ultimately one of the best ways for newcomers to enter the space and learn about Bitcoin. This current metric, regardless of how accurate it is, at the very least demonstrates that Bitcoin needs to be more visible on social media than it is.
Do you find this metric reported by Unfolded (@cryptounfolded) to be useful? Let us know your thoughts below in the comments.
Images are courtesy of Twitter, Shutterstock.