Altcoin: Is the value linked to the number of followers on Twitter?
Altcoin: Is the value linked to the number of followers on Twitter?

Altcoin: Is the value linked to the number of followers on Twitter?

By Marco Cavicchioli - 31 Mar 2019

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Comparing the market value of the first ten cryptocurrencies and altcoins with the number of followers of their official, or unofficial, Twitter profiles, reveals conflicting data.

Let’s look at the first 10 cryptocurrencies per market capitalisation, excluding Bitcoin and Bitcoin Cash, which do not have an official Twitter profile, and Tether dollar, which has a market cap anchored to the value of the deposited dollars.

For each one we take the current market capitalisation on CoinMarketCap and divide it by the number of real Twitter followers, using to calculate the percentage of real followers out of those declared on Twitter.

Ethereum has over 440,000 followers, 90% of whom are real profiles. Its market capitalisation is $14.8 billion, so it capitalises around $37,000 for every real Twitter follower.

XRP capitalises nearly $13 billion, however, Ripple has more than 900,000 Twitter followers, 91% of whom are real. Therefore, the market capitalisation per real follower is less than half that of ETH: about $15,000.

EOS capitalises almost $4 billion and has 193,000 Twitter followers, 88% of whom are real. It, therefore, capitalises just over $23,000 per follower.

Litecoin capitalises just over three and a half billion dollars. However, there are two reference Twitter profiles: the official one, with just over 30,000 followers, and the unofficial one, with 441,000 followers, 71% of whom are real: taking the latter into consideration, the market cap per follower is just over 12,000 dollars.

Binance Coin has less than two and a half billion dollars in market cap, whereas the Binance Twitter profile has more than 900,000 followers, 92% of whom are real. It, therefore, capitalises less than $3,000 per follower.

Stellar capitalises just over two billion dollars, while on Twitter it has 267,000 followers, 91% of whom are real. Thus, it capitalises almost $8,500 per real follower.

Cardano is around 2.7 billion dollars in market cap with 133,000 followers on Twitter, 95% of whom are real. So for every single real follower, it capitalises almost 14,000 dollars.

At this point, it is clear that the ratio of market capitalisation to the number of real followers on Twitter is far from constant. In fact, it ranges from $2,763 for BNB, which is in seventh place for market capitalisation, to $37,298 for ETH, which is in second place. Therefore, it can be said that the overall value of an altcoin is not related to the number of followers on Twitter.

altcoin value twitter

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded and the Facebook group" Bitcoin Italia (open and without scam) ".

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