Twitter Bitcoin Mentions Now Proportional to Market Cap Dominance
May 26, 2020 3:02 pm
According to the latest data, Bitcoin’s popularity on Twitter by the number of tweets is not only the highest of all the cryptocurrencies—it is proportional to market cap.
The most mentions on Twitter may seem logical, but the reason behind it may be more calculated than many imagined.
Bitcoin holds to 65% dominance
Bitcoin tweets numbered 26,778, for May 26. Six other tweets including Ether (ETH), XRP, Litecoin (LTC), Tezos (XTZ), EOS (EOS) and Chainlink (LINK) — reached to approximately another 13,000.
Out of a total of around 39,000 tweets, the share of Bitcoin is around 68%. Meanwhile, Bitcoin’s market cap dominance is 65.7%, data from CoinMarketCap reveals that at press time. The implied value of all the units of a cryptocurrency that have been created is called the Market cap.
In January 2018, Bitcoin has not always held the lion’s share. For example, its “dominance” just 32% was a misnomer. Now, though, the similarity between dominance and tweet numbers is remarkable. Ether (ETH), which has a market cap dominance of 8.4%, received around 17% of tweets, while XRP had 8% of tweets and a 3.5% dominance respectively.
Bitcoin’s position on Twitter has been on the surge since after its March crash, with altcoin mentions conversely hitting multi-year lows.
BCH hits all-time lows against BTC
When comparing hard forks of Bitcoin, the picture gets even clearer. Bitcoin Cash (BCH) market cap dominance is around 1.7%, and on May 26, it received around 2.4% of tweets. Bitcoin SV (BSV) viewed just 110 tweets, or 0.2% of the total, while it’s market cap dominance is 1.4%.
Bitcoin Cash (BCH) is currently trading near all-time lows against bitcoin (BTC). In terms of hash rate, Bitcoin is also well in the lead. At press time, BTC, BCH and BSV hash rates are approximately 80 quintillions, 3.9 quintillion and 1.7 quintillion hashes per second, respectively.
Bitcoin’s Twitter community usually earns headlines in its own right. The halving noticed an increase in activity, in May alone, along with a strange incident involving Harry Potter author, J.K. Rowling.