In 2024, Bitcoin experienced an extraordinary rise in popularity on the social media platform X, formerly known as Twitter. According to recent data, Bitcoin mentions on X increased by 65% year over year, with users posting more than 140 million tweets about the cryptocurrency.
This rise reflects the growing interest in BitcoinDriven by significant market developments and a vibrant community of investors and enthusiasts.
Major events fuel interest
This surge in Bitcoin-related rhetoric occurred at a time when crucial events in the cryptocurrency space were unfolding. In the first quarter of the year, the US Securities and Exchange Commission granted its long-awaited approval for spot Bitcoin exchange-traded funds.
The ETF pool has amassed more than $110 billion in assets in a short time, even more than that attributed to Bitcoin’s mysterious creator. Satoshi Nakamoto. Institutional acceptance in this way has increased the legitimacy of the Alpha cryptocurrency, attracting new and old investors alike.
140 million posts containing the word “bitcoin” were shared on X in 2024, an increase of 65% year-over-year.
h/t @visibrain pic.twitter.com/HmAxRRr4pB
— Jameson Lopp (@lopp) December 26, 2024
But over time, enthusiasm for Bitcoin has continued to fluctuate. The hype subsided in February, then rose again in November due to the election of Donald Trump as President of the United States, promising that America would be a hub for cryptocurrency innovation.
Bitcoin surged again when it reached a new record high of $108,000 in early December and breached a crucial psychological threshold.
Posts mentioning Bitcoin on the X platform in 2024. Source: Visibrain
Market factors and challenges
Despite the euphoria, Bitcoin’s price has been under pressure recently. As of late December, it was trading at around $95,000, indicating a potential pullback after the holiday season. Analysts warned of a possible decline if some critical support levels are broken.
Cryptocurrency trader Ali Martinez warned that Bitcoin could fall by approximately 27% if it fails to hold above key price points.
Not lost to anyone big Outflows from US Bitcoin ETFs It recently touched $1.5 billion. This has, at least to some extent, sown seeds of uncertainty in the institutional investment community.
This again points to broader trends within the cryptocurrency sector. Although Bitcoin has managed to remain resilient, its recovery path will depend heavily on maintaining support above critical levels.
Bitcoin future on X
Under Elon Musk’s leadership, the platform itself is changing but discussions around Bitcoin still dominate the
Featured image from PCMag, chart from TradingView