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- Center of attention- The evaluation of public opinions on social media platforms
- BDCenter Digital conducts intrinsic examinations of the respective issue
- The moment the price fluctuations get heavy, the influencers appear to document more about the individual coin
Crypto traders and holders both ponder upon the possible factors that affect crypto prices. With this information, they can establish a better picture of potential risks, losses, and benefits. One of the influential factors is undoubtedly the platform of Twitter.
Twitter influencers and their opinions
When we address the potential impact of Twitter on the prices of cryptocurrencies, the evaluation of public opinions doing rounds on the social media platform becomes the center of attention.
The hope of unparalleled benefits is a significant incentive behind many investments. Even those who do not compulsorily own bitcoin or altcoins but have just begun to explore the fascinating ecosystem of cryptocurrencies are at the forefront when it comes to market analysis and responses associated with it.
There is a diversity in the range of crypto influencers active on Twitter. This range included bitcoin maximalists, blockchain specialists, and dynamic professional traders. Every day, they disclose their knowledge and voice their opinions on Twitter.
BDCenter Digital’s investigation process
BDCenter Digital, a marketing and PR services company, recently conducted intrinsic examinations. It is about the effect of public opinion on crypto prices. These investigations were started in 2018 and continued up to 2020. Researchers examined around a million tweets from above a hundred influencers.
Researchers chose accounts with an over 500% rate of engagement. While the engagement rate for whale accounts turned out to be less, the accounts with 50,000 to 100,000 followers reflected a powerful interaction.
The underlying connection with crypto prices
BDCenter reported to BeInCrypto that while researching for the process above, the central hypothesis was fascinating. If Twitter influencers affect crypto prices, it should follow the respective criteria: the surge in the number of tweets about crypto should correspond to its cost and the soar in tweets should herald the price changes.
The result concluded was that the respective diagrams employed indicated a mention curve. The mentioned curve directly responds to the price curve. The moment the price fluctuations get heavy, the influencers appear to document more about the respective coin.
Thus, according to the company, though the influencers go along with the prices, they do not create them. The influencers do not influence the actual costs of crypto assets.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
