Bitcoin is at an All-Time Low in sentiment, which tracks Twitter activity

Bitcoin is at an All-Time Low in sentiment, which tracks Twitter activity

Twitter, as one of the most popular social platforms for crypto enthusiasts, reports low activity of Bitcoin fans.


16 Sep 2020 , 19:51 @ Katie Müller

Bitcoin is at an All-Time Low in sentiment, which tracks Twitter activity

Twitter, as one of the most popular social platforms for crypto enthusiasts, reports low activity of Bitcoin fans.

According to the latest analysis carried out by a team of experts from Santiment, Bitcoin is at an all-time low in terms of mentions on the social network Twitter. This analysis is based on a weighted calculation that takes into account the overall volume of BTC mentions vs. the ratio of positive vs. negative commentary on the platform.

On the chart below, you can see the period dating back to October 2018:

Analysts also point to one paradox, and that is that with the rise in prices, sentiment changes to negative, and when prices fall, Bitcoin is mentioned on Twitter more often, so sentiment is positive. Proof of this is the current situation when Bitcoin exceeded $ 11K after almost 2 weeks today, but sentiment is at an all-time low.

As for Google Trends, this platform confirmed the same behavior of people, and the most searches recorded during the drop in prices and the biggest collapse in the market on March 13 this year. Read here

You might also be interested in: MicroStrategy Inc. has invested $ 425 million in Bitcoin to date

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