Twitter Altcoins Drop to Three-Year Low, Bitcoin Booming

The popularity of altcoins on Twitter has fallen significantly amid bearish sentiment in the market.Inin particular, this is evidenced by the data of the analytical service BitinfoCharts, writes Cointelegraph.

So, the number of mentions of coins like Ethereum,Litecoin and XRP are approaching a three-year low. At the same time, Twitter users began to write much more often about the first cryptocurrency - mentions of bitcoin in the first three months of 2020 doubled, although they still do not reach the record levels of 2017.

Data: bitinfocharts

March 21 tweets with the hashtag #XRP turned out to be2542, which is 60% less than in January, when the number of such posts was between 6000 and 7000. The last time the number of tweets with the #XRP hashtag during the day dropped to 2500 in July 2018, almost 21 months ago.

Meanwhile, the number of daily references Litecoinfell in March to 344 - the lowest since March 2017, when the price of LTC began to rise. The peak number of daily tweets with a mention of Litecoin totaled 31,000, at the moment this figure is only 1.3% of these values.

At 95% of the peak values ​​in December 2017 (51000 tweets) the mention of the second Ethereum cryptocurrency by capitalization on Twitter decreased. Currently, this figure is about 2500 posts per day: similar values ​​for the last three years were observed only in February 2017.

The trend is associated not only with drawdownthe cost of altcoins, but also with the general situation in the world, due to the pandemic of the coronavirus COVID-19 and a collapse in the financial markets. Nevertheless, in the case of Bitcoin, the situation was somewhat different.

So, on March 26, the first cryptocurrency was mentioned in24,722 tweets. This may be significantly less than the record level of 155,000 posts in December 201, but unlike altcoins in 2020, bitcoin has shown positive dynamics on Twitter, having more than doubled since January, when the maximum number of daily entries was about 12 000

In the past few days, however, a negative trend has been observed again.

Data: bitinfocharts

Recall last October, the investmentThe eToro platform has launched TheTIE-LongOnly CopyPortfolio, a retail cryptocurrency trading tool that tracks Twitter sentiment.