4 min read
Gone are the days when the oldest and most popular cryptocurrency on the planet recorded hundreds of thousands of daily mentions on Twitter. Today, Bitcoin has already stabilized and familiarized with the digital community and the proof of this is the notable reduction in the number of mentions that #Bitcoin hashtag receives on that social platform.
Due to its instantaneity, Twitter is positioned as the preferred platform of the crypto community to keep up to date with everything that happened around the world of cryptocurrencies; its situation, fluctuations and future were the result of many threads and discussions.
In this sense, the presence of mentions about a certain cryptocurrency on Twitter is often used as a metric to know the degree of impact they have on public discourse.
According to the data collected by Bitinfocharts, #Bitcoin was registering more and more mentions, especially with the important price change experienced at the beginning of December 2017. It was therefore a very commented topic on Twitter, with about 155,000 daily mentions. (Graph 1)
More stable and family: This is the presence of Bitcoin on Twitter
Today, the fall of mentions of #Bitcoin on Twitter is a more positive than a negative reading.
First of all because, the data of mentions that BitInfoCharts collects, only counts the #Bitcoin hashtags and not all the mentions that are made of the word Bitcoin (without hashtag), nor of its abbreviations.
Secondly, far from being interpreted as a lack of interest on the subject, the reduction in the number of mentions is interpreted rather as a sign of the stability and degree of knowledge that the cryptocurrency has achieved among the online community.
While hashtags are used on most occasions to gain brand reach, give voice and notoriety about new projects and to gather more information on a certain topic, the word Bitcoin is already so familiar and well-known enough that fewer and fewer twitter users opt for writing it next to the famous pad (#).
A fact that would support the theory that the drop in mentions with the hashtag #Bitcoin doesn’t mean a fall in the interest of the population, is found in the number of daily transactions made with this cryptocurrency. From Bitinfocharts it is shown that the average of transactions with bitcoin during 2019 is very high and sustained; scoring historical maximum. Throughout this year, the average daily transactions have rarely dropped from USD 300,000. (Graph 2)
Another metric also at odds with the theory of Bitcoin’s lack of popularity, would be the hash rate itself. The hash rate is the unit of measure of the processing power of the Bitcoin network. Well, this rate reached its all-time high in September 2019 and the trend seems to show no signs of change. (Graph 3)
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