Bitcoin’s Twitter-volume spikes to new all-time highs on Elon pump


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Social media exercise for Bitcoin is at an all-time excessive following a large endorsement from Tesla CEO, Elon Musk.

Chatting with Cointelegraph, co-founder and CEO of crypto knowledge supplier The TIE, Joshua Frank, famous there have been 143,000 tweets during the last 24 hours from “non-bot accounts.”

The brand new file beats out the earlier excessive of 140,000 from Jan. 3, 2021.

Historic BTC tweet quantity: The Tie

On Feb. 8, information that electrical car maker Tesla had added Bitcoin to its balance sheet despatched costs and market sentiment to file highs. BTC prices hit an all-time high of $47,500 in early Asian buying and selling on Feb. 9.

Frank described the surge in social engagement as evidencing bullish sentiment amongst retail merchants:

“I believe that it is positively clear that retail is right here. We’re seeing completely huge surges throughout the board in twitter exercise, buying and selling exercise, and value motion for altcoins which establishments are usually not touching. Right now’s motion can completely be attributed to Elon Musk, however BTC social exercise has been on a tear all 12 months.”

Musk’s tweet seems to have captured crypto-Twitter’s consideration away from CME’s extremely anticipated launch of Ether futures contracts on Feb. 8, with Frank noting that Ether’s Twitter-volume had slumped by half after just lately having fun with sustained file highs:

“ETH twitter exercise was crushing all-time highs just lately however wasn’t huge at this time, down about 50% vs. yesterday,” he stated.

Historic ETH tweet quantity: The Tie

The run-up to the launch of CME’s Ether futures captured the imaginations of each institutional and retail merchants alike, with ETH merchandise representing 80% of last week’s institutional crypto inflows.

Each Ethereum and Bitcoin’s costs are at present cooling after posting new file highs earlier at this time. As of this writing, the mixed crypto market capitalization is sitting at $1.4 trillion.