The number of tweets about bitcoin reached its highest level since mid-January 2018 on Wednesday, according to social media data collected by The TIE, with over 92,000 tweets posted.
The recent surge in bitcoin-related Twitter content comes as the leading cryptocurrency surged past $ 23,000 yesterday, peaking within a day just below the $ 24,000 mark.
January 17, 2018, was the last time many bitcoin tweets were sent in one day, after the price of bitcoin started crashing from its current high of just below $ 20,000.
Throughout much of 2020, the bitcoin rally is dominated by a narrative focused on institutional investors allocating large amounts of capital to the cryptocurrency, including Guggenheim’s Stanley Druckenmiller and Scott Minerd.
But almost higher levels of Twitter activity are one sign that bitcoin retail investors are not being left behind.
“There has been much talk that bitcoin’s latest Wall Street bull is jumping aboard the ship, but if yesterday is any indication that all men are firing the conversation, especially on Twitter,” according to Aubrey Strobel, director of communications for bitcoin rewards startup Lolli.
According to data from The TIE, it wasn’t just high volume tweeters that drove the increase. The number of unique Twitter accounts tweeting about bitcoin also increased, with around 50,000 users participating in the bitcoin chat on Wednesday, the largest since before Christmas 2017.
Strobel’s company runs one of the most popular bitcoin corporate Twitter accounts, and told CoinDesk Lolli that he sees a surge in interacting with its content as “retail investors find every opportunity to own bitcoin . ”
Other indications of strong retail participation come from the use of consumer-focused bitcoin products, such as record purchase volume on Square Cash App (SQ) along with high demand for new services such as PayPal cryptocurrency (PYPL) features.
Commenting on the surge in social media activity, Messari bitcoin analyst Ryan Watkins told CoinDesk, “Organizations may be leading the charge this time, but retail is definitely not sitting on the sidelines.”