The surge in the price of Bitcoin is now a topic of discussion on social media platforms.
The price of Bitcoin reached a new all-time high of $24,000 on the 19th of December which has been reflected in thousands of tweets. On the day, the king coin traded at $24, 210 but later slightly dropped. At press time, Bitcoin is up 1.5% and is trading at $23 839.
After pulling gains amid several bullish predictions over the past months, Bitcoin crossed the $20,000 landmark on the 16th of December. At the time, Bitcoin had added about 170% in its year-to-date record and traded at over $20,000 for the first time in history.
Reports revealed that the rising interest in BTC among institutional investors is a major push in the price of the leading digital asset. Several prominent investors also declared their BTC holdings and referred to the digital asset as a store of value.
In August, business intelligence company MicroStrategy announced that the company had purchased 21,454 BTC, making Bitcoin its primary treasury reserve asset. Since then, the company has made more purchases and now owns a large amount of Bitcoin.
Bitcoin continues to rally as the mother-coin remarkably gained 20% jumping from $20,000 to $23,400 about 24 hours after reaching a new high. At that point, analysts became more bullish on the digital coin, predicting further increases.
Recording more gains and hitting new highs, Bitcoin’s price reached a new all-time high of $24,000 on the 19th of December. As a result of significant and continuous increases in Bitcoin price, other altcoins also recorded gains. Since the beginning of the year, Bitcoin has grown by over 225%.
Bitcoin Generates Over 92,000 Tweets amid Continuous Surge
The surge in the price of Bitcoin is now a topic of discussion on social media platforms. According to a CoinDesk report, tweets about BTC reached its highest since January 2018 as of 16th of December. As the report noted, social media data garnered by The TIE showed that Bitcoin-related tweets reached over 92,000. Specifically, the data revealed that individual Twitter accounts that commented on BTC amid its surge are about $50,000.
Before now, the highest Bitcoin-related tweets that were sent in 24 hours was in January 2018. At the time, several tweets were discussing the Bitcoin crash from its then-all time high of $20,000.
The CoinDesk report further stated a comment by Aubrey Strobel, the communications director for Bitcoin rewards startup Lolli:
“There has been a lot of talk that bitcoin’s latest bull run is fueled by Wall Street jumping on board, but if yesterday is any indication it’s the everyman who is fueling the conversation specifically on Twitter.”
Speaking to CoinDesk on the Twitter discussions on Bitcoin, Messari Bitcoin analyst Ryan Watkins said:
“Institutions may be leading the charge this time around, but retail definitely not sitting on the sidelines.”
Analysts remain bullish on the price of Bitcoin. Recently, on-chain analyst Willy Woo said the next landmark for the top crypto asset is $55,000. Woo added that BTC would continue to gather gains. Currently, Bitcoin has a market capitalization of about $444 billion.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.