As the Twitter activity for Bitcoin hits an all-time high following Elon Musk’s advocacy, the price of Bitcoin sends to new heights too.
This comes just after the breaking news that Tesla has invested $1.5 billion USD in Bitcoin. The advocacy of Musk’s company buying such a significant amount of cryptocurrency as part of its balance sheets has sent the crypto community and fresh traders into a frenzy.
CEO of crypto data provider Joshua Frank noted to media outlet Cointelegraph that there has been a massive spike of authentic (non-bot account generated) tweets of more than 143,000 posted over the past day. This is up by over 3,000 tweets from the previous all-time high. Frank noted that the surge in social engagement stands as proof of bullish sentiment for non-institutional investors. He offered that the trading sentiment seems as though it’s inherently coming from retailers. He said:
“I think that it’s definitely clear that retail is here. We are seeing absolutely massive surges across the board in twitter activity, trading activity, and price movement for altcoins which institutions are not touching. Today’s movement can absolutely be attributed to Elon Musk, but BTC social activity has been on a tear all year.”
Price of Bitcoin soaring
Moreover, the price of Bitcoin seems to match the high sentiment. Surging by almost 20%, Bitcoin price has increased to see a new all-time high over the past 24 hours. Over the past day, Bitcoin has seen a low of $38,076.32 USD compared to its high trading value of $46,203.93 USD. Analysts have linked this directly to both the high sentiment in the market and new fresh traders entering the scene as a result of the positive sentiment as well as the major entrance of Tesla and Musk. Whenever Musk makes a movement in trading, the community responses and it seems as though this time is no different.