- Bitcoin has been dominating the crypto market as well as Twitter mentions, according to recent data.
- In fact, the data shows that Bitcoin's m.cap dominance and Twitter dominance are strikingly similar.
- While Bitcoin's two dominances seem to mimic one another, altcoins seem to be losing Twitter's attention.
Bitcoin (BTC) adoption has been growing strongly for years now, and while it is still far away from entering the mainstream, the coin is gaining more and more attention. In fact, it started receiving quite a lot of mentions on Twitter, although the reason is a bit more calculated than many may assume.
Bitcoin’s market cap and Twitter dominance are a match
Recent data shows that Bitcoin is not only the most popular of crypto assets, but that its mentions are quite proportional to its market cap.
Bitcoin tweets for May 26th numbered around 26,778. Alongside six other most popular and most commonly mentioned projects — Ethereum, XRP, Litecoin Tezos, EOS, and Chainlink — the total number of these crypto tweets climbed to roughly 39,000.
With these six projects combined only accounting for approximately 13,000 tweets, it is possible to calculate Bitcoin’s dominance, which sits at 68%. Interestingly enough, CoinMarketCap, the biggest crypto price tracking site, shows that Bitcoin dominance according to its market cap sits at 65.7%.
These numbers indicate that Bitcoin dominance on Twitter, and the dominance of its market cap, seem to be close to perfect sync. The resemblance is certainly quite striking.
How did altcoins perform?
This does not go for other of the mentioned coins, however. For example, Ethereum has a market cap dominance of only 8.4%. Meanwhile, it performed a lot better on Twitter, where it dominates with 17% of the crypto tweets.
XRP sees a similar situation, with its market cap dominance sitting at 3.5%, while on Twitter it held 8%.
Tracking Bitcoin’s dominance on Twitter has shown that the coin’s mentions have been on a steady rise ever since mid-March price crash. As for the altcoins, they are rapidly losing their mentions, and are currently seeing the biggest lows in years.
This even includes Bitcoin’s own hard forks, such as Bitcoin Cash and Bitcoin SV. BCH, for example, has a market dominance of only 1.7%. However, on Twitter, its dominance is not much better, sitting at 2.4% of tweets. Bitcoin SV performs even worse, with a market cap dominance of 1.4%, and tweet dominance of 0.2%.