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

Bitcoin activity on social media is at an all-time high following Tesla CEO Elon Musk’s overwhelming support.

Speaking to Cointelegraph, Joshua Frank, co-founder and CEO of cryptocurrency provider The TIE, noted that there were 143,000 tweets from no-bet accounts in the past 24 hours.

This new record beats the previous record of 140,000 since the 3rd quarter. January 2021.

tweet history BTC: Necktie

The eighth. In February, news that electric car maker Tesla had added bitcoin to its balance sheet caused prices and market sentiment to soar to record levels. The price of BTC reached an all-time high of $47,500 at the start of Asian trading on February 9.

Frank described the increase in social activity as evidence of an optimistic mood among retailers:

I think it’s clear that there is retail. We’re seeing an absolutely huge spike in Twitter activity, trading activity, and altcoin price movement that institutions aren’t getting to. Today’s move can reasonably be attributed to Elon Musk, but BTC’s social activity has been at its peak all year.

Musk’s tweet seems to have distracted the cryptocurrency from the long-awaited launch of Ether futures on 8. February, with Frank noting that Ether’s tweet volume has dropped by half after recently reaching highs :

ETH’s Twitter activity has been at an all-time high lately, but today was not high, in fact it was down about 50 percent from yesterday, he said.

EPF historical tweet: Necktie

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

The launch of CME Ether futures has attracted interest from institutional and retail traders, with ETH products accounting for 80% of crypto currency inflows last week.

Ethereum and Bitcoin prices are currently cooling down after setting new highs today. At the time of writing, the total market capitalization of cryptocurrencies is $1.4 trillion.

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