Ethereum price is influenced by Twitter activity
Data shows that tweets related to digital currency have a positive impact on trade volume
The decentralized open source platform, ethereum, has gone from about $ 130 at the beginning of the year to $ 274 in mid-February, obtaining a 111% profit, after this growth the entire market faced a correction that led to the price of ether to drop to $ 86.
However, in recent days the price of ether recovered slightly to quote just above $ 120 and at the same time the number of tweets had a daily average trend of 3,218 tweets in January and 4,355 tweets between February and March.
The same happened with bitcoin (BTC) and XRP, which presented consistent results between the number of tweets and their returns and trade volume. Although according to the analysis carried out by the source, the relationship between the number of tweets and the returns occurs only in some cases.
When making a comparative analysis of the previous results with the case of ether, investors observe a similarity in terms of volume but the same does not happen in the performance of the currency in the market.
Regarding future prospects, investors now have a clearer vision of the relationship between tweets and volume, something that could facilitate decision-making in the short term.
K.Villarroel
Source: cointelegraph
