Bitcoin’s engagement on twitter today October 4 2019 presents a record low level. This statistic was revealed in data provided by bitinfocharts.com. According to the data, Bitcoin had 7,739 engagements today which is the lowest level that the leading coin has experienced since January 2015, 4 year back.
While some of this could be attributed to Twitter’s recent clampdown on spamming bots, there are definitely greater consequences when analyzed.
What Does History Tell Us About Bitcoin Twitter Engagement
It can be said that we can correlate this drop in engagement with the current market index of the coin. Looking back in history, Bitcoin’s price tends to determine the level of Twitter engagement with more tweets during periods of bullish trends.
Bitcoin experienced its peak moment of the year on June 26 with 41,687 tweets which was the period that the coin touched the $13,000 mark.
The coin achieved its highest Twitter engagement during the crazy bullish run in 2017 where the coin moved to its maximum price of $20,000. Looking at the chart it can be seen that Dec 11 was the peak moment with 128,425 tweets about Bitcoin.
However, the market carnage in 2018 resulted in some individuals giving up on cryptocurrencies especially Bitcoin. This led to a gradual decline in the number of Tweets associated with the leading coin.
Despite this, the number of daily tweets regarding Bitcoin has never dropped below the 10,000 mark which makes this latest statistic a source of worry.
Bitcoin is Yet To Hit Its Potential
Bitcoin adoption is still growing and this could be part of the reasons for the current low engagement. Many people are beginning to view the coin as a currency for transactions rather than an instrument of investment.
This means that the level of engagement is expected to be slow and steady as the crypto community continues to evolve. The coin has also increased its market dominance with the figure hitting 70% in early September and it’s hash rate continues to set record highs in terms of daily transactions.
We expect things to change quickly as the coin looks poised to recover from the latest market crash that saw the coin plunge to below $8000 in September.