The TIE, the crypto data company, has posted data showing the positive tweets about Bitcoin after the halving of the reward rises, as investors are speaking more positively about the coin than they have at any point over the last 2.5 years.
On May 18, it has been reported that Joshua Frank, the CEO of The TIE, said the 30-day average daily sentiment score, the number of positive reviews in relation to the number of negative reviews of Bitcoin (BTC) is the highest the company has ever recorded.
He added:
“Bitcoin’s sentiment (30 day average) is the highest that we have recorded since 2017.”
However, 30-day average tweet volumes for BTC were also at an all-time high for 2020.
On May 17, there were 31,111 tweets about the cryptocurrency with words including “Bitcoin”, “gold”, “trading”, and “halving”. Even JK Rowling, the author of Harry Potter, and Elon Musk, the technology entrepreneur, were high in the rankings, due to Rowling’s May 15 Bitcoin inquiry on Twitter and Musk’s response.
Joshua Frank at The TIE shared data with Cointelegraph showing the 30-day average tweet volumes for BTC were at an all-time high for 2020 https://t.co/x7n86rKnKU — Cointelegraph Markets (@CointelegraphMT) May 19, 2020
As per the report, Frank said that this data made the market look “extremely bullish about Bitcoin”, with the overwhelming majority of words used by investors on Twitter on May 18 as positive.
Even pre-halving, The TIE found a “moderately strong and positive” correlation between mentions of Bitcoin’s halving and the asset’s price.
Thus, The TIE stated:
“While the Halving remains a positive point of conversation for BTC, the digital gold narrative is reemerging as the dominant narrative for the coin during this time of extreme economic uncertainty.”
Source: Cointelegraph | Image: Pixabay