The popularity of altcoins on Twitter has fallen significantly amid bearish sentiment in the market. In particular, this is evidenced by the data of the analytical service BitinfoCharts, writes Cointelegraph.
So, the number of mentions of coins like Ethereum, Litecoin, and XRP is approaching a three-year low. At the same time, Twitter users began to write much more often about the first cryptocurrency - mentions of bitcoin in the first three months of 2020 doubled, although they still do not reach the record levels of 2017.
On March 21, there were only 2542 tweets with the #XRP hashtag, which is 60% less than in January, when the number of such posts was between 6000 and 7000. The last time the number of tweets with the #XRP hashtag during the day dropped to 2500 in July 2018, almost 21 months ago.
Meanwhile, the number of daily references to Litecoin fell in March to 344 - the lowest since March 2017, when the price of LTC began to rise. The peak number of daily tweets with a mention of Litecoin totaled 31,000, at the moment this figure is only 1.3% of these values.
The mention of the second most capitalized cryptocurrency Ethereum on Twitter decreased by 95% from peak values in December 2017 (51,000 tweets). Currently, this figure is about 2500 posts per day: similar values for the last three years were observed only in February 2017.
The trend is associated not only with a drawdown in the cost of altcoins but also with the general situation in the world, due to the pandemic of the coronavirus COVID-19 and a collapse in the financial markets. Nevertheless, in the case of Bitcoin, the situation was somewhat different.
So, on March 26, the first cryptocurrency was mentioned in 24,722 tweets. This may be significantly less than the record level of 155,000 posts in December 2017, but unlike altcoins in 2020, bitcoin has shown positive dynamics on Twitter, has more than doubled since January, when the maximum number of daily entries was about 12,000.
In the past few days, however, a negative trend has been observed again.