Bitcoin (BTC) may have been buoyed by its latest bull run, but the hype surrounding the apex cryptocurrency is underwhelming according to a key metric, reported Cointelegraph Tuesday.
What Happened: Since 2019, Bitcoin’s price is above its Hype-To-Activity ratio a measure of tweet volume against asset trading volume, according to data from The Tie, a cryptocurrency outfit, Cointelegraph noted.
An August 2019 The Tie study indicated 1.02 to be the average Hype-To-Activity Ratio across the industry.
In most of 2018, Bitcoin’s Twitter hype had outpaced its price. An intersection occurred in May 2019 and thereafter Twitter hype continued declining and has remained below the price since the latter half of May.
Bitcoin (BTC) proponents are calling the drubbing the apex cryptocurrency received over the last two days as “necessary” and “healthy.”
No Pain, No Gain: The CEO of Binance, Changpeng Zhao, seemed to take inspiration from the old adage No Pain, No Gain.
Retraces are painful, but they are necessary for establishing support levels. Now we have it.
Retrace Opportunities: Barry Silbert, the CEO of
Grayscale Bitcoin Trust (OTC:GBTC) parent the Digital Currency Group revised his retrace level to $30,000 and called it a “buying opportunity of a lifetime” in a tweet.
REVISED
Funny to think that a bitcoin price retrace to $30,000 would feel like the buying opportunity of a lifetime https://t.co/ramTbBns4E