The recent social media buzz about cryprocurrency has encouraged a data company; Pulsar, to abandon the conventional means of analyzing such data using business quantity, costs and market capitalization, to instead focus on social media mentions. In order to help review the adoption of cryptocurrency among the population, Pulsar has settled on reviewing 5 million cryptocurrency mentions in US English.
Based on this analysis, it became clear that there is some chatter from coastal areas like Washington DC and New York. Based on the price of certain digital products, it is noted that the patterns seen on social media are an indication of a shift in price movements. This, according to Pulsar is a phenomenon that works both either when prices are rising or falling in value.
Notably, Detroit seems to be exploding with regards to social media mentions, despite its economical challenges. This is most likely attributed to the introduction of bitcoin ATMs.
This social media analysis also brought to light the fact that conversation spikes in volume almost always precede a rise in search volumes by 24 hours, with new highs for Bitcoin becoming apparent within one to three days.
Attachment to Brand Names
Unlike the traditional money markets, cryptocurrency does operate 24/7. Based on this trend, Pulsar notes that social media vibrancy heats up even more in the evenings and weekends. During such ‘buzz moments’ there are notable brand names that keep coming up. Apart from the generic terms like ‘digital assets’ and ‘cryptocurrencies’, there are other top ten digital assets that come up during such discussions. According to the research, the brand names that dominate such discussions are Bitcoin, Ethereum and Ripple.
It is interesting to note how Bitcoin continues to take the lion’s share of the market even in terms of social media mentions, taking a whopping 52 percent against all other cryptocurencies at 48 percent. Among the non-Bitcoin currencies however, Ethereum takes the largest chunk at 30 percent, followed by Ripple at 25 percent, with the rest taking less than 10 percent in total.
Analysis by Demographic
In order to get an even clearer picture with regards to social media mentions of cryptocurrency, Pulsar sought to sample the demographics of such people and their locations. The report showed that these online discussions are mainly driven by young males and the tech-driven population. However, even thog=ugh most of the mentions come from men, there is a clear indication than the conversations among women are also growing rapidly.
With an audience size of 1.2M, 66 percent of males and 34 percent of females registered social media mentions. In terms of age group, age 25-34 seems to lead in the number of mentions with the older generation above 65 years trailing at 7 percent. In terms of ethnicity, white takes the bigger share of 57 percent with black at 25 percent. East Asians registered the fewest mentions.
According to the Pulsar researchers:
Over 425,000 women have posted about cryptocurrency in the last five months,
The Big Question
According to the details of the report, there is still a sizeable number of social media users asking what Bitcoin is. While some are seeking more information on the industry, others are sceptical about its development. The report says that 25-34 years olds seem to have the most knowledge while 35-44 year-olds are going through a hard time trying to figure out the whole concept of cryptocurrency.
What do you think about Pulsar’s approach to analyzing the impact of cryptocurrency? How relevant is this approach? Let us know your thoughts in the comments below.