Major Altcoins seen their Twitter presence reduced in wake of market crash, meanwhile Bitcoin sees Twitter resurgence
A few hours ago, the Bitcoin market continued to plummet when unable to sustain the $ 6,700 threshold. As a result, $ 20 million of long orders on BitMEX were liquidated, while millions of dollars also evaporated on many other exchanges. While the market is hovering around $ 6,100, some analysts predict this is still not the worst-case scenario.
The process of selling Bitcoin has not ended
Trader DonAlt, who previously believed in another Bitcoin plunge, posted a graph with the “so familiar” caption.
Why does this feel so familiar pic.twitter.com/8mSWsDucA5
— DonAlt (@CryptoDonAlt) March 27, 2020
Accordingly, this analyst thinks that the current state is similar to what happened from March 12 to the same time as what happened from the end of February to the beginning of March. The common point is that Bitcoin keeps increasing strongly; it is resistant and blocked.
If Bitcoin continues to form a T-pattern, the market will probably approach the $ 7,000 zone again in the coming days before plunging the disaster to $ 3,800.
$BTC LTF Update
So it begins, congratulations to everyone who deployed some patience over the past few days, nice to finally have the expected move to the downside in lower timeframes…
— Crypto Cactus (@TheCryptoCactus) March 28, 2020
The prediction of the further decline of the coin was also supplemented by the Crypto Cactus when the analyst said that BTC continually moved below the horizontal resistance and reached the “markdown” period as a result. The market will continue to witness a decline in the short term.
The analyst did not forget to congratulate those who have patiently waited for the past few weeks when the market is now starting to show a downward trend.
The hard trend remains
Contrary to the above comments, some experts still emphasize the hard trend, and the foundation of Bitcoin is still quite fragile.
According to data released on Thursday, the balance sheet from the Fed reached a record of $ 5.25 trillion, an increase of $ 586 billion in asset value (a rise of 10% compared to a week earlier). The move came just after the balance sheet also increased by $ 300 million last week.
Many people agree that the rally can still occur when Bitcoin is a product with limited supply. BitMEX Research has just released a report showing that an influx of stimulus from both fiscal and monetary flows into the market makes this an unprecedented opportunity for Bitcoin:
“In our opinion, the volatility of the current economy, when many markets are easing without a proper anchor, even without a predetermined level of inflation, this could be a is an opportunity for Bitcoin in the short term.”
Even so, Bitcoin’s Twitter presence doubled in the first three months of 2020, though its tweet count remains a long way off of its 2017 all-time high. However, altcoins are not so good.
Ethereum’s, XRP’s and Litecoin’s Twitter presence have reached their lowest levels in recent years
When Litecoin’s daily tweets dropped to as low as 344 earlier this month, it was the lowest level of interaction on Twitter seen on behalf of Litecoin since March 2017. That was the month that Litecoin began to rise, leading to a 2018 bull run. Only from March to May 2017, the price of LTC has increased tenfold, from $ 3 to $ 30.
Since then, both the price of the coin and the participation of Twitter continue to rise. Notably, Litecoin’s return to Twitter’s bleakness coincided with its back to those mentioned above $ 30 range.
Currently, Litecoin tweets are only 1.3% of their previous all-time high of 31,000.
On March 21, 2020, tweets with the hashtag #XRP were numbered 2,542 – a 60% reduction since January 2020, when XRP tweets ranged from 6,000 to 7,000. The last time XRP’s daily tweets dropped to as low as 2,500 was in July 2018, nearly 21 months ago.
XRP’s all-time highest Twitter rise did not come during the 2017-2018 price rally, unlike most other currencies. Instead, the peak of XRP’s Twitter engagement to date remains on September 21, 2018, when XRP was tweeted 20,000 times, according to Bitinfocharts.
It was also the day that coincided with the first whispers regarding the then-rumored launch of Ripple Labs’ xRapid – an XRP-based payment solution for financial institutions. Boosted by the much-unique product launch, the price of XRP almost tripled in the week leading up to September 21st.
Following the same trend, Ethereum’s Twitter presence is one of the lowest in more than three years. Currently, around 2,500, the number of Ethereum tweets has dropped to this low level only once in the past three years – that’s New Year’s Day 2020.
Barring that dip, the last time ETH’s Twitter engagement fell so low was February of 2017. That was also the month in which ETH began a 60-day, 5x increase, which carried the coin price from $ 10 to $ 50.
From December 2017’s peak of 51,000 tweets in one 24-hour period, Ethereum’s Tweet-count has fallen over 95%.
Bitcoin witnessed the revival of twitter in 2020
Bitcoin’s Twitter involvement on March 26 reached 24,722 tweets. That’s a significant drop from the December 2017 peak of 155,000, but unlike most other altcoins, Bitcoin has shown a trend of Twitter’s revival in 2020.
After recording at least 12,000 tweets in January this year, Bitcoin tweets more than doubled.
Looking for why one might argue that Bitcoin is devalued compared to most altcoins related to it. After all, the social media engagement around cryptocurrencies tends to follow the price.
However, another possible cause is the uncertainty surrounding the coronavirus, which has dominated the discussion around the value of Bitcoin as a safe-haven asset.
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