Data Snippet – Tweet volumes reveal trends in community engagement for crypto projects

Brave New Coin (BNC) processes around 34 million tweets a day related to the top 60 crypto assets. After excluding automated tweets and advertisements, this data provides valuable insights into macro trends relating to specific crypto projects, as well as changing attitudes in the face of market news or large events.

The following table displays the top 10 assets by market cap, ranked by average tweet volume.

Even though BCH and BSV lie in fifth and sixth place by Market Capitalization, they are not that popular on Twitter. Both of these projects have a lower volume of tweets than Litecoin and Cardano, which have higher Market Capitalizations.

DIVING DEEPER:

To analyze the top ten assets in more detail, we can separate Bitcoin, and divide the remaining assets into two groups by the size of their respective Market Capitalizations.

Bitcoin has seen some significant events in 2020:

• The frequency of Bitcoin halving tweets started to grow at the start of the year, and it was a trending topic leading to the all-time high in tweet volume during May.
• The previous spike, in October 2019, occurred during volatile markets.
• The price of Bitcoin in USD markets gained ~40% in October and reached $10,600 on October 26th, amid weak market sentiment and trading volume,
• The appearance of the Facebook CEO Mark Zuckerburg before the U.S committee on 23 October 2019 was a hot topic in October. Zuckerburg discussed the Facebook digital currency, Libra.
• A mention from institutional investor JP Morgan welcoming Bitcoin exchanges, and mentioning “Bitcoin crash survival shows it has staying power” in May created a positive sentiment in the market.
• A mention from hedge fund manager Paul Tudor Jones in May 2020 also generated tweets and support for Bitcoin.
• Tweets about the price of Bitcoin are typically the most popular topic every day.
• Negative interest rates and money printing feature prominently.

The large-cap coin group shows a wide range of twitter activity:

• Ethereum has diverged from Ripple this year, and leads the large-cap group.
• The most popular Ethereum mentions are “Daily network fees,” and “Bull run,” which suggest positive sentiment after a drop in activity during March 2020.
• The price of Ethereum dropped from ~$233 to ~$110 in March 2020.
• The recent spike in Ethereum activity, in May 2020, benefited from a surge in Decentralized Finance (DeFi) interest. The majority of DeFi apps are built on Ethereum.
• Ripple shows the only decline in tweet volume this year.
• Ripple was the worst performing asset over the last year. The asset dropped ~51% in 2019.
• Litecoin and Tether trail in terms of Twitter mentions, with one-third of the activity when compared to the group leader, Ethereum. However, they appear to be maintaining this interest.

The small-cap group has a tighter range:

• Cardano’s upcoming hard fork in May 2020 has lead to an increase in Twitter mentions and price.
• The name of the upcoming fork, “Shelley,” has been a prominent term in Cardano tweets.
• The name of the Cardano project founder, “Charles Hoskinson,” was also at the top of the keyword list for Cardano tweets.
• The majority of Hoskinson mentions came in the wake of his May 29th tweet detailing the official roadmap for the fork.
• Bitcoin Cash has seen a sharp decline in tweet volume since Feb, which follows a price drop.

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