Underhyped? Bitcoin sentiment lags despite bull run
Bitcoin hype has never been quite the same since 2019, according to this metric. Since its drop below $4,000 in March 2020, Bitcoin (BTC) has ridden a bullish trend all the way past its 2017 all-time high, recently hitting almost $42,000. During that time, however, Bitcoin’s Twitter activity has underperformed in comparison to its price. Looking at information from crypto data outfit The TIE indicates that Bitcoin’s price is traveling above its Hype-To-Activity Ratio — a metric which shows tweet volume against asset trading volume — since 2019. “Hype-To-Activity Ratio measures the number....
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Data reveals that while Bitcoin’s price is shooting up, the on-chain activity hasn’t improved much in the past week. What could be the reason behind this behavior? Bitcoin Breaks $50k, But Activity Lags Behind As per this week’s edition of the Arcane Research report, on-chain activity seems to be slow to recover despite the price of the cryptocurrency jumping high. The metric used for measuring the activity here is the Bitcoin 7-day average number of active addresses indicator, which as its name suggests gives the number of address on the network that saw transactions....