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

02/09/2021

Elon Musk has pushed Bitcoin’s social sentiment into new highs on Twitter.

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 over the past 24 hours from “non-bot accounts.”

The brand new document 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 steadiness sheet despatched costs and market sentiment to document highs. BTC costs hit an all-time excessive 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 undoubtedly clear that retail is right here. We’re seeing completely large surges throughout the board in twitter exercise, buying and selling exercise, and worth motion for altcoins which establishments should not touching. In the present day’s motion can completely be attributed to Elon Musk, however BTC social exercise has been on a tear all yr.”

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 not too long ago having fun with sustained document highs:

“ETH twitter exercise was crushing all-time highs not too long ago however wasn’t large immediately, 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 final week’s institutional crypto inflows.

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