The Cryptocurrency community has grown substantially compared to the time when Bitcoin (BTC) was created back in 2009. Over the years these virtual assets have received a lot of exposure from the common people as well as governments. Ever since Bitcoin’s massive bull-run in 2017, the online crypto trend has skyrocketed.
Nigeria has touched all-time high back in July 2019 in the search term ‘Bitcoin’ With Ekiti Leading with a Subregion Score of 100, Followed by Delta with a Score of 94, Ondo with 78 and Osun with 68. The growing popularity of this budding new industry can be visualized in these Google search trends. South Africa has also seen a steady rise in Bitcoin-related searches. Bitcoin searches jumped in July 2019, obtaining a score of 100.
It quite clear that countries that are struggling with hyperinflation tend to have increased cryptocurrency-based searches as virtual assets like Bitcoin have often been used as a safe haven for money.
Recently, China saw a blockchain boom in their search trends right after President Xi Jinping disclosed his positivity towards blockchain technology in one of his public appearances. Following the news, search volume for the term ‘blockchain’ saw a 1382.79% surge in numbers on the popular Chinese search engine Baidu and 329% growth on popular messaging platform WeChat.
Amidst all these, social networks play a very important role in the crypto industry. These centralized media platforms are often a key part of the crypto scene, based on which the market sentiment is gauged. The revolution is led by social media giants Facebook and Twitter.
Now it looks like these trends are most often dependent on the prices and the overall sentiment of the crypto market. Twitter has played host to one of the biggest cryptocurrency communities. The social media giant has seen more than 150k tweets with the rise of BTC prices back in 2017 – 18.
A recent post from ‘Skew Markets’ revealed that the cryptocurrency community is slowly dying on twitter. With the market turning really bearish and BTC tumbling down to $8000, the social network is seeing a very low engagement for Bitcoin-related posts.
The number of daily tweets related to Bitcoin has now dropped below 20K as per the Skew chart. The last time the engagement was at this level was back in 2017 when BTC was close to $1000. The drop in twitter engagement could be linked to the falling market sentiment but it’s hardly conclusive.
The crypto industry has come a long way and this is all part of the market cycle. It is fairly common for the market sentiment to be bearish and prices to go down, but it is nothing alarming considering the fact that the cryptocurrency industry has already embedded its roots in our day to day lives. The growth of the industry is all that matters.