Social media activity for Bitcoin is at an all-time high following a massive endorsement from Tesla CEO, Elon Musk.
Speaking with Cointelegraph, co-founder and CEO of crypto data provider The TIE, Joshua Frank said 143,000 tweets had been received from “non-bot accounts” in the past 24 hours.
The new record beats the previous record of 140,000 set on January 3, 2021.
On February 8 news that the maker of electric vehicles Tesla had added Bitcoin to its balance sheet drove prices and market sentiment to record highs. BTC prices hit a record high of $ 47,500 in early Asian trading on Feb. 9.
Frank described the surge in social engagement as evidence of an optimistic sentiment among retailers:
“I think it is clear that the retail industry is here. We are definitely seeing massive swings across the board in twitter activity, trading activity and price movements for altcoins that don’t hit institutions. Today’s move can definitely be attributed to Elon Musk, but BTC’s social activity has been on a tear throughout the year. “
Musk’s tweet appears to have caught the attention of crypto-Twitter away from CME’s highly anticipated launch of Ether futures contracts on Feb. 8, with Frank noting that Ether’s Twitter volume had fallen by half after recently enjoying sustained record highs:
“ETH twitter activity has been smashing record highs lately, but wasn’t huge today, about 50% lower than yesterday,” he said.
The run-up to the launch of CME’s Ether futures captured the imagination of both institutional and retail traders, with ETH products 80% of last week’s institutional cryptocurrency inflows.
Prices of both Ethereum and Bitcoin are currently falling after setting new all-time highs earlier in the day. At the time of writing, the combined crypto market cap stands at $ 1.4 trillion.