Bitcoin’s X Popularity Hits New Highs With 65% Growth In 2024

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As a seasoned crypto investor with over a decade in this wild rollercoaster ride, I’ve learned that Bitcoin is like a moody teenager – unpredictable yet captivating. The year 2024 was no exception. The surge of interest on Twitter (X) was reminiscent of the dot-com bubble days, with Bitcoin mentions skyrocketing by an astounding 65%.

In 2024, there was a significant surge in interest for Bitcoin on the platform X (formerly Twitter). As per recent reports, references to Bitcoin on this platform saw a 65% increase compared to the previous year, with users posting more than 140 million tweets about the digital currency.

The increase we’re seeing signifies an escalating curiosity about Bitcoin, fueled by notable advancements within the market and an energetic group of investors and supporters.

Major Events Fueling Interest

At a point when significant happenings were taking place within the cryptocurrency world, there was an increase in discussions about Bitcoin. During the early part of the year, the U.S. Securities and Exchange Commission finally gave the green light to Bitcoin’s long-anticipated spot exchange-traded funds.

In just a brief period, the ETF complex managed to accumulate over $110 billion in assets – an amount greater than what’s associated with Bitcoin’s mysterious founder, Satoshi Nakamoto. This institutional endorsement significantly boosted the credibility of the pioneering cryptocurrency, drawing both seasoned and novice investors alike.

In the year 2024, a staggering 140 million posts using the term “Bitcoin” were shared on X platform, marking a significant surge of 65% compared to the previous year.

H/T @visibrain

— Jameson Lopp (@lopp) December 26, 2024

Initially, there were ups and downs in the excitement surrounding Bitcoin. In February, the excitement dwindled, but it resurged again in November following Donald Trump’s election as U.S. President, who indicated that the United States would spearhead advancements in cryptocurrency technology.

In the early days of December, Bitcoin surged ahead once more as it set a fresh all-time high at approximately $108,000, breaking through an important psychological barrier.

Market Factors And Challenges

Although there’s been a lot of excitement, the cost of Bitcoin has faced some challenges recently. By late December, it was exchanging hands at approximately $95,000, suggesting a potential retreat post-holiday season. Some experts have cautioned that a drop could occur if certain crucial support levels are breached.

Bitcoin expert Ali Martinez cautions that the cryptocurrency might experience a potential drop of around 27% if it doesn’t manage to maintain its position above crucial price thresholds.

It’s clear to many that recently, over a billion and a half dollars have been withdrawn from U.S. spot Bitcoin ETFs. This withdrawal, to some degree, has raised questions and caused uneasiness among institutional investors.

This suggests that these events reflect wider patterns across the cryptocurrency market. While Bitcoin exhibits a certain robustness, its route to recovery will be significantly influenced by the ability to maintain strong foundations above key thresholds.

Future Of Bitcoin On X

Under Elon Musk’s guidance, X is experiencing changes within its structure, yet conversations regarding Bitcoin continue to be prevalent. Although these novel approaches aim to boost user interaction, they might also influence the dissemination and perspective of cryptocurrency-related material.

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2024-12-28 03:42