Bitcoin is seeing itself reach a new all-time high when it comes to social media activity. This comes after Elon Musk, the ever-strange Tesla CEO, started to endorse the cryptocurrency.
Elon Musk Spearheading Crypto Sentiments (Again)
Joshua Frank stands as the CEO and co-founder of The TIE, a crypto data provider. Frank took note that there has been an estimated 143,000 tweets within the past 24 hours regarding Bitcoin from “non-bot” accounts. This slightly tops the previous high recorded back on the 3rd of January, 2021, at 140,000.
It was on the 8th of February, 2021, when the news hit that Tesla, the electric vehicle maker, had incorporated Bitcoin into its balance sheets. As one would imagine, this sent the market sentiment and prices to brand new highs. Bitcoin itself even managed to hit a new all-time high of $47,500, doing so on the 9th of February, 2021
Beating CME Futures Launch Through Sheer Sentiment
Frank explained that this social engagement spike is evidence of a brand new bullish sentiment among the crypto space’s retail traders. In particular, he explained that massive surges are occurring in trade and Twitter activity, with even altcoins that no institution is touching seeing big price movement.
Frank was quick to highlight that Bitcoin has been on a tear in terms of social activity all year, but Tesla’s move has greatly attributed to the movements of today.
An amusing little consequence of Musk going for Bitcoin, is that Crypto Twitter has focused all its attention on it. Thus, CME launching its highly-anticipated Ether futures contracts on the 8th of February, was forced to take a backseat. The Twitter volumes for ETH, as noted by Frank, dropped down by 50% as opposed to its record highs it has enjoyed recently.
Brand New High For Crypto
As the Ether Futures of CME came ever-closer, the imaginations of both retail and institutional traders started to light up. As a result, institutional crypto inflows saw a staggering 80% of last week’s numbers consist solely of ETH products.
At the time of writing, Bitcoin stands at a staggering $48,049 apiece, with Ether going for a hefty $1,757 per coin. Only time will tell if these coins will be capable of sustaining these prices, but a recent estimate had revealed that Bitcoin could reach as much as $390,000 if it followed the 2017 price cycle in terms of relative growth.
Time will tell what will happen, though one has to wonder when figures like Peter Schiff will eventually climb off their hill of declaring Bitcoin nothing but a meaningless fad. After all, the crypto space is more than a decade old at this point.