As a seasoned analyst with over two decades of market observation under my belt, I must admit that the surge in Bitcoin mentions on X, particularly in 2024, has been nothing short of fascinating. The growth in crypto conversations, driven predominantly by BTC developments, is a testament to the increasing mainstream adoption of digital assets.
X user published over 140 million tweets mentioning Bitcoin on Elon Musk’s social media network.
2024 saw a boost in discussions about cryptocurrency on the previously named platform, with more conversations centered around Bitcoin (BTC) and its advancements, which held the majority of attention within the digital assets community.
On Boxing Day, as reported by crypto.news using data from the social listening tool Visibrain, growth in posts related to “Bitcoin” increased by 65% compared to the same time period the previous year.
In early 2024, Bitcoin’s record highs were reached concurrently with the SEC’s approval of Bitcoin exchange-traded funds (ETFs). These Wall Street ETFs handling Bitcoin managed over $110 billion in investments, surpassing the value associated with Bitcoin’s creator, Satoshi Nakamoto.
Discussions about Bitcoin on platform X dropped near their peak in January, but they picked up again significantly when social sentiment was at its lowest point around the $60,000 price level and the halving event, which is a periodic adjustment to the blockchain that enhances Bitcoin’s scarcity.
Bitcoin (BTC) references each month were compiled and consolidated until they picked up momentum once more in November. This surge was primarily driven by the election victory of President-elect Donald Trump, coupled with his pledges to transform America into a global leader in cryptocurrency.
In the early days of December, conversations about Bitcoin on social media reached heights not seen since the approval of the spot Bitcoin ETF. Over a million posts related to X were shared as I witnessed the top cryptocurrency surpassing $100,000 for the first time, smashing through the significant psychological barrier of six figures.
On the day following Christmas, Bitcoin was exchanged at approximately $95,000, as the holiday-fueled rally started to slow down in anticipation of the New Year.
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2024-12-26 19:10