11 Jan 2022
Retail is back: Twitter activity about bitcoin skyrocketing
Twitter activity about bitcoin is once again skyrocketing. Both the numbers of tweets mentioning bitcoin and the numbers of users mentioning bitcoin is back at the 2017 highs.
Data from The Tie gives us a clear indication of the new retail inflow in bitcoin. Retail is definitely back.
The 7-day average of tweets mentioning bitcoin is almost back at the December 2017 highs of almost 100,000 tweets per day.However, the number of Twitter users mentioning bitcoin has already passed the top from Dec 2017, and the 7-day average just touched 50,000.While the search interest for bitcoin on Google is still only 60% of the peak of 2017, the leading cryptocurrency is hotter than ever on Twitter.This can be a great tool in evaluating the retail hype around bitcoin and will be followed closely by us going forward. A decline in this activity would be a sign of retail losing interest, and could potentially mark a price top for bitcoin after a retail-driven runup.