A recent in-depth analysis of cryptocurrency groups created using Meetup, a social networking website, revealed that Bitcoin (BTC) and Ethereum (ETH) groups have a clear dominance in terms of number of participants over all other major cryptocurrency groups.
Of course, considering the CoinMarketCap data, this is not surprising.
High interest in bitcoin meetups
The group analysis was shared on Twitter and clearly shows very low numbers for all other major cryptocurrencies.
Bitcoin and other cryptocurrencies exist mainly thanks to the transactions and participation of the respective community. Therefore, a lack of dedicated groups indicates an actual low network usage and consequently a signal of low reliability of the entire network.
Investor speculation may keep the lower capitalisation altcoins afloat, but in the long run, the lack of use and users will inevitably lead to lower prices and decree the failure of the project.
Bitcoin and Ethereum each have over a million members divided into a large number of groups on Meetup. Bitcoin Cash (BCH) and Litecoin (LTC) follow, but with more limited numbers.
The lower numbers could also be explained by a shorter lifetime compared to bitcoin. For example, BSV is far more recent than BTC and also BCH and LTC are younger than bitcoin.
However, this doesn’t work if we consider Ethereum that was born at the end of 2013, so almost two years after Litecoin.
The biggest success of Ethereum could be due to the introduction of dApps and smart contracts, much appreciated among blockchain developers.
The failure in Meetup groups does not necessarily mean that other cryptocurrencies are not used. In fact, very large groups may also have little interaction and this would partly contradict the statistics presented on the numbers of users.
However, the considerable support for BTC and ETH is also reflected in the prices of the two cryptocurrencies and long-term projects on the market.