Elon Musk has sent the Bitcoin mood on social networks soaring.
Bitcoin social media activity is at an all-time high after Tesla CEO Elon Musk said he supported it and bought the company $ 1.5 billion worth of BTC.
Speaking to Cointelegraph, Joshua Frank, co-founder and CEO of crypto data provider The TIE, stated that there had been 143,000 tweets from „non-bot accounts“ in the past 24 hours.
The new record exceeds the previous high of 140,000 on January 3, 2021
On February 8, the electric vehicle manufacturer Tesla caused the price to rise to all-time highs and a very good mood in the market with the announcement that it had bought Bitcoin . The BTC price hit an all-time high of over $ 48,000 on February 9 .
Frank said this surge in activity on social networks is testament to the optimistic mood among traders:
„I think it is very clear that private individuals predominate here. We can see massive increases in terms of overall Twitter activity, trading activity and price movement in altcoins that institutions do not even touch. Today’s movement can be attributed to Elon Musk , but social activity around BTC has been on the rise all year round. „
Elon Musk’s tweet drew attention on crypto Twitter away from the highly anticipated launch of Ether Futures contracts by the CME on February 8th. Frank stated that Ether’s Twitter volume fell in half after it recently hit new record highs:
„ETH Twitter activity recently hit all-time highs, but was not massive today. Compared to yesterday, it is down about 50 percent,“ he said
The introduction of the Ether Futures from CME has impressed institutional and private traders alike. ETH products accounted for 80 percent of institutional crypto inflows in the past week .
Both Ethereum and Bitcoin prices are cooling down now after hitting new record highs earlier this morning. At the time of going to press, the total market capitalization of all cryptocurrencies was 1.4 trillion. U.S. dollar.