Bitcoin BTC and Bitcoin Cash BCH social engagement reveals substantial differences

Bitcoin (BTC) and Bitcoin Cash (BCH) social engagement reveals substantial differences

The technical and fundamental differences between Bitcoin (BTC) and Bitcoin Cash (BCH) have set them apart over the years. Now, data from LunarCRUSH reveals that the social engagement of these cryptocurrencies makes that gap even wider.

Interest for BTC increases while BCH is off to a slow start

Since the beginning of the year, Bitcoin entered a bull rally that has seen its price surge by nearly 50 percent. The flagship cryptocurrency went from trading a low of $6,900 on Jan. 3 to recently hit a high of $10,187. The massive bullish impulse seems to be a direct effect of a spike in interest among investors for BTC. According to on-chain analytics data provider Glassnode, a substantial amount of new Bitcoin addresses are being created since early January. The last time new BTC addresses were created at this rate was back in April 2019 leading to a major price increase.

Moreover, there has been a spike in Google searches for the keyword “Bitcoin halving,” adding credence to the fact that demand for the BTC is rising. A similar pattern can be perceived on Bitcoin’s social engagement, based on data from crypto community analytics firm LunarCRUSH. The pioneer cryptocurrency has had 5.6 billion unique engagements, thus far this year. These include the to total amount of posts, comments, retweets, and favorites across all data sources. Twitter alone accounts for over 1.44 million tweets while Reddit has seen over 29,000 unique posts related to BTC.

Meanwhile, Bitcoin Cash seems to have outperformed Bitcoin in terms of price appreciation. BCH skyrocketed 142 percent during the same time span when Bitcoin rose 50 percent. However, the Bitcoin Cash community does not show the same levels of activity. Data shows that BCH’s total unique social engagements hovers around 137 million since the beginning of the year with 46,000 tweets and 800 Reddit posts. The lack of interest that market participants have shown in Bitcoin Cash this year shows that this cryptocurrency has a long way to go before it can compete with Bitcoin. Although investors could have profited the most by trading BCH, the flagship cryptocurrency looks better in the long-term.

Article Produced By
Ali Martinez

Technical Analyst at CryptoSlate

After Ali began forex trading in 2012 In 2014, he came across Bitcoin’s whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin.

Related articles

The crypto-winter is over? What was said at this year’s UNCHAIN Convention in Berlin

The crypto-winter is over? What was said at this year’s UNCHAIN Convention in Berlin                                 On June 14-15, Berlin’s creative cluster Säälchen became a Bitcoin village, where three hundred blockchain entrepreneurs and enthusiasts from Germany and abroad gathered to discuss the current state of affairs in crypto and future outlooks. This year, UNCHAIN Convention, […]

Learn More

Better Mobile Trading with vTrader’s New Cryptocurrency App

Better Mobile Trading with vTrader’s New Cryptocurrency App The crypto trading company, vTrader, introduces its new mobile app to bring the smartphone crypto trading to a new level. Traders can now buy bitcoin with euro, transfer their assets between them free of charge, in a safe and instant environment, and make use of the reliable […]

Learn More

The Current amp Scaling Problems Of The Internet Social Network

The Current & Scaling Problems Of The Internet Social Network The problems Social Networks violate privacy, promote drama, deliver endomorphins creating unproductive addictions and have not significantly changed since their inception, other than, increased manipulation, shadow banning, political agendas, deplatforming, and scandal. Traditional Inbound Marketing platforms (Automated Marketing) are all centralized applications and are built […]

Learn More

Leave a Reply

Your email address will not be published. Required fields are marked *