Bitcoin's optimism on Twitter peaks in two years despite coronavirus pandemic
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- People's optimism about Bitcoin has reached its highest level in two years, according to data added by Santiment.
- The portal has studied user reactions and moods on Bitcoin in its Twitter posts, noting a sharp increase in the number of positive mentions.
- The so-called relationship of positivity and metric quantity appeared before the third half of the cryptocurrency.
An anonymous market speculator, a billionaire Wall Street veteran and an emerging tech entrepreneur have one thing in common: they all say great things about Bitcoin via their Twitter profiles.
At least that's what Santiment, a popular data analytics portal, found after studying the good and bad reactions to infinity on the world's main cryptocurrency on the twelfth most great social media platform. The company noted that Twitteratis' optimism about Bitcoin had reached its highest level in two years, just before its widely covered technical update called "halving".
"Since I started following Opinion volume Data consumed in various cryptocurrencies 25 months ago, the proportion of the BTC community and the degree of positivity are at high levels for all time ", Santiment tweeted . "The crowd is optimistic that this halving is brilliant!"
The halving refers to a 50% reduction in the Bitcoin supply rate. After every four years, or after mining 210,000 blocks on the Bitcoin blockchain, a preprogrammed algorithm built into the source code of the cryptocurrency lowers the reward of mining. Investors are treating the event as bullish, given the euphoric movements of Bitcoin after the last two halves.
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Moods as volatile as the price of Bitcoin
Santiment attached a graph to show how people experienced volatile mood swings during the equally volatile price movements of Bitcoin. The positivity volume readings (oranges) fell below zero in March 2020, the months when the cryptocurrency crashed by more than 50%. It then rallied above zero, just as the price made a similar upward movement.
Bitcoin sentiment volume consumed | Source: Santiment
The chart also offered an interesting snapshot of Bitcoin's most optimistic periods. People started tweeting good things about cryptocurrency in the second financial quarter of 2019. It went from $ 4,000 to $ 14,000 during that time.
However, the number of positive tweets posted in 2019 was not as constant as in April-May 2020. This showed that people are now more confident in a prolonged price recovery in the bitcoin market.
Financial crisis
The positivity of the Bitcoin community comes amid the rapidly growing coronavirus pandemic and its negative impact on the global economy. The virus has paralyzed the world. People are losing jobs, businesses are suffering losses and analysts are publishing terrifying market prospects for the rest of the year.
The cryptocurrency industry is brimming with analysts and veterans who had envisioned a crisis scenario. They also offered Bitcoin as a cover against such market turmoil. It also explains why, all of a sudden, people started to publish good things about cryptocurrency …
… except Peter Schiff.
Photo of Austin Chan in Unsplash