Social networks content affects the price of Bitcoin
A study revealed that the opinions of influencers can boost the price of the cryptocurrency
According to a study by the Stevens Institute of Technology in Hoboken, New Jersey, based on the comments about the Bitcoin from active and passive influencers in social networks, establishes that posts can boost the price of the cryptocurrency in the market. It is the confirmation of an assumption that analysts had already considered in the past.
The fluctuation in the value of Bitcoin is marked by the opinions expressed by the so-called influencers, especially in the social network Twitter. The platform shows that the strongest comments are those from users who post sporadically.
The study made by the researchers of the Institute of New Jersey and that throws these results also highlights that it is not a premeditated situation but a spontaneous reaction in the financial market.
Between April and May, the amount of Twitter posts on Bitcoin or that were related to the cryptocurrency reached 3.4 million. Undoubtedly, it is a very high figure that coincides with the boom experienced by the digital asset in the first and second quarter of 2018.
Through programs to analyze the content of messages on Twitter, specialists were able to determine that those with a positive language had an impact on the value of Bitcoin, unlike those with a negative or pessimistic content.
M.Pino
Source: OWLTMarket
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