In 2024, Bitcoin’s popularity has grown extraordinary on the social media platform X, formerly known as Twitter. According to the latest data, mentions of Bitcoin on X increased by 65% year-on-year, and users posted over 140 million tweets about the cryptocurrency.
This escalate reflects growing interest Bitcoindriven by significant market growth and a lively community of investors and enthusiasts.
The most crucial events of interest
This surge in Bitcoin-related discourse comes at a time when critical events have been taking place in the crypto space. In the first quarter of the year, the U.S. Securities and Exchange Commission issued its long-awaited approval for Bitcoin spot funds.
The ETF complicated has quickly accumulated assets worth over $110 billion, which is even more than was attributed to the enigmatic creator of Bitcoin, Satoshi Nakamoto. Institutional acceptance thus further legitimized the alpha cryptocurrency, attracting both fresh and elderly investors.
In 2024, 140 million posts containing the word “bitcoin” were published on X, an escalate of 65% year-over-year.
H/T @visibrain pic.twitter.com/HmAxRRr4pB
— Jameson Lopp (@lopp) December 26, 2024
However, over time, Bitcoin enthusiasm continued to oscillate. The buzz died down in February, then picked up again in November with the election of Donald Trump as US president, promising that America would be the epicenter of cryptocurrency innovation.
Bitcoin gained momentum again when it hit a fresh record high of $108,000 in early December and crossed a key psychological threshold.
Posts mentioning Bitcoin on the X platform in 2024. Source: Visibrain
Market factors and challenges
Despite the euphoria, Bitcoin’s price has recently come under pressure. At the end of December, it was trading around $95,000, indicating a potential decline after the holiday season. Analysts are warning of a possible decline if some critical support levels are broken.
Crypto trader Ali Martinez warned that Bitcoin could fall by almost 27% if it fails to stay above key price levels.
This is not lost on anyone so significant outflows from US spot Bitcoin ETFs recently reached $1.5 billion. This has sowed at least some degree of uncertainty in the institutional investing community.
This again points to broader trends in the cryptocurrency sector. While Bitcoin will manage to remain resilient, its recovery path will depend largely on maintaining support above key levels.
The future of Bitcoin on X
Under Elon Musk’s leadership, the platform itself is changing, but Bitcoin discussions still dominate X. While they are intended to escalate user engagement, fresh content creation methods could also impact the spread and point of view of cryptocurrency content.
Featured image from PCMag, chart from TradingView
