Bitcoin: social media engagement is growing
Bitcoin: social media engagement is growing
Bitcoin

Bitcoin: social media engagement is growing

By Marco Cavicchioli - 28 Jan 2020

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Bitcoin is setting new yearly social media engagement records these days. 

This has been revealed by LunarCRUSH, according to which the 300 million daily interactions have been significantly exceeded, thus setting a new record for 2020. 

The LunarCRUSH Social Engagement graph also reveals that until January 18th, the number of daily interactions since the beginning of the year had always been less than 160 million, but since January 19th, it has grown quite a lot, reaching well over 250 million. 

On January 25th, it returned to around 170 million, and then from January 27th, it surged to well over 300 million. 

The last available figure shows almost 337 million interactions, the new record high in 2020. 

Such peaks had not been recorded since the end of November 2019, although they were also much higher in the past. 

The graph goes back only 12 months, but they are enough to verify that the absolute peak would have occurred on April 2nd, 2019 with over 850 million daily interactions on social networks. 

However, data from the end of 2017 are missing, when even higher peaks were probably reached. 

Considering only these first days of 2020, there is a certain correlation between the price increase of BTC and the growth of social media interactions involving Bitcoin. 

The correlation is not perfect, but it is quite evident. 

For example, the engagement increase of January 19th was preceded by a few days by the price increase on January 14th, while the engagement peaks of the last few days followed perfectly the price increases. 

Furthermore, even the crypto fear and greed index has passed into neutral territory in the last few days, if not positive, precisely starting from January 14th. 

All this seems to reveal that, for now, the sentiment on Bitcoin has definitely improved compared to last month, although not yet at levels as positive as those that were recorded in mid-2019. 

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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