Bitcoin is trending topic on Twitter

Bitcoin has been a trending topic on Twitter for a few days now.

Although it has not yet entered the top 10 of the main trends on Twitter worldwide, the amount of tweets with the hashtag #Bitcoin that are posted since the price slipped below $40,000 is remarkable.

Bitcoin trending on Twitter

By now it had been several weeks that the topic of Bitcoin on Twitter was almost always ignored, but the sudden and significant drop in the price has made interest soar.

It is enough to think that in the last 30 days the interest on Twitter was down by 74%, while in the last week it has increased by 90%.

It is worth noting that the hashtag #Ethereum is also performing well in this respect.

It is possible that last December, until early January, the relatively stable price dynamics of BTC had caused many to lose interest in it.

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Interest in Bitcoin

Most people who become interested in Bitcoin often do so precisely mostly with speculative intentions, so when price volatility declines their interest also declines.

All this happened despite the fact that instead in the same period several important news about Bitcoin were published, which however did not concern the price.

As soon as the volatility returned, quickly and overwhelmingly, the interest of speculators also surged again.

Bitcoin on Google Trends

This dynamic is even more evident when looking at Google Trends data regarding daily queries on the search engine.

Until 4 January, the level was pretty stable, more or less at half the current level. There was a first spike between 5 and 7 January, when the price went from $46,000 to $41,000. There was then a second, smaller spike on 10 January, and then interest had fallen again to the levels of 4 January.

The new surge occurred starting on 21 January, which is just when the price dropped from $43,000 to $35,000.

Two peaks occurred, one on the 21st and another today, in conjunction with the new drop that brought the price just above $33,000.

These data once again confirm that it is mainly the volatility of Bitcoin’s price that attracts the interest of the masses, otherwise not particularly interested in the events related to this new technology.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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