Bitcoin (BTC) most mentioned on Twitter may seem logical – but the reason behind it may be more calculated than many imagined.
According to the latest data, the popularity of Bitcoin on Twitter by the number of tweets is not only the highest of all cryptocurrencies – it is proportional to market capitalization.
BTC clings to 65% dominance
For May 26, there were 26,778 Bitcoin tweets. Tweets, including six others – Ether (ETH), XRP, Litecoin (LTC), Tezos (XTZ), EOS (EOS) and Chainlink (LINK) – reached about 13,000 others.
Bitcoin’s share of about 39,000 tweets is around 68%. Meanwhile, CoinMarketCap data shows that at press time, the dominance of Bitcoin’s market capitalization is 65.7%.
Market capitalization refers to the implied value of all the units of a cryptocurrency that have been created. Bitcoin has not always held the lion’s share – in January 2018, for example, its “dominance” was something inappropriate at only 32%.
Now, however, the resemblance between dominance and the number of tweets is striking. ETH, which has a market capitalization dominance of 8.4%, received around 17% tweets, while XRP had 8% tweets and 3.5% dominance, respectively.
Twitter cryptocurrency mentions and number of users. Source: TheTIE
Bitcoin’s position on Twitter has been on the rise since its March crash, with altcoin reporting multi-year lows.
Hard forks lose twice
The picture is even sharper when comparing hard Bitcoin forks. The market capitalization dominance of Bitcoin Cash (BCH) is around 1.7% and received around 2.4% of the tweets on May 26.
Bitcoin SV (BSV) has only seen 110 tweets, or 0.2% of the total, while its dominant market capitalization is 1.4%.
As Cointelegraph reported, BCH is currently trading near its lowest historical levels against BTC. In terms of hash rates, Bitcoin is also in the lead. At the time of printing, the BTC, BCH and BSV hash rates are around 80 quintillion, 3.9 quintillion and 1.7 quintillion hashes per second, respectively.
Bitcoin’s Twitter community often makes the headlines in its own right. In May alone, the halving saw an increase in activity, as well as a bizarre incident involving Harry Potter author J.K. Rowling.