Twitter has one of the largest active crypto communities. Brave New Coin (BNC) analyses and extracts daily insights into 60 crypto-assets after processing 34 million daily tweets.
Every second, on average, around 6,000 tweets are posted on Twitter, which corresponds to over 350,000 tweets sent per minute, 500 million tweets per day, and around 200 billion tweets per year.
Brave New Coins (BNC) analyses this data and identifies tweets related to the top 60 assets, ranked by market capitalization. After cleaning and filtering, there is on average ~235,000 tweets per day related to these assets.
Bitcoin is the leading crypto asset on Twitter. An average of 32k active users post around 72k tweets per day about Bitcoin, which accounts for ~33% of the crypto-related posts on the platform.
The block reward is halved after every 210000 blocks, which happens roughly every four years. Since January, there has been a sharp increase in tweets around the upcoming block reward reduction, as the crypto community is looking towards the next Bitcoin halving and its impact on the price of bitcoin.
Bitcoin halving related tweets
- The number of Bitcoin halving related tweets before November 2019 was quite stable, with an average of around 8191 tweets per month.
- There has been a continuous increase in the number of related tweets every month since November.
- There were 88310 tweets containing Bitcoin halving terms in April, which is a 131% increase from the previous month.
- There was a 76% increase in the number of users.
There is a drastic increase in the number of tweets and unique users posting about the Bitcoin halving on a month by month basis. Let’s look more closely at the daily data for the last 6 months, from November 2019 to April 2020.
- Significant spikes start to appear in March, while April had some extreme peaks.
- In April there are two significant spikes.
- On April the 8th, there was an increase of 43% when compared to the previous day.
- On April 30th, there was a 56% jump.
April looks to be the most significant month, having the most number of people posting tweets related to the Bitcoin Halving. Using Natural Language Processing and Machine Learning, we have categorized the tweets and attached a sentiment to them.
In the following chart, we are excluding two categories, Bots and Promotions. We analyze five categories: Technical, Onchain, Opinion, macro, hack.
- Opinion: Tweets with ‘opinion’ words but few theoretical insights.
- Technical: Tweets that contain a number of charting Technical Analysis terms.
- Onchain: Tweets covering subjects like mining, hash rate, and stock-to-flow.
- Ad: Promotional tweets.
- Bots: Tweets not sent by humans.
- Macro: Tweets by governments, major banks, and similar institutions.
- Hack events: Tweets discussing hacks or network fork issues.
- The overall graph shows a slightly positive sentiment in April, with 52% positive and 47% negative.
- On the last day of April, there is a significant uptick in the percentage of negative tweets, with an 80% to 20% ratio.
- The last day of the month had the highest number of negative Bitcoin halving tweets.
Top topics discussed on 30th April
The last day of April had the highest number of negative Bitcoin halving tweets. Let’s check out the most frequent topics on that day. The topics are chosen by considering the frequency of words in unique tweets from unique users.
The size of the bubble refers to user count. Larger bubbles mean more tweets with each word. From here we can see that the most discussed topics are related to the price of bitcoin. For future social in-depth analysis of event and event on a crypto asset contact. Sign up or tune in for daily social insights by BNC.