In 2024, Bitcoin experienced an extraordinary surge in popularity on the social media platform X, formerly known as Twitter. According to recent data, mentions of Bitcoin on
This rally reflects growing interest in Bitcoin, fueled by significant market developments and a vibrant community of investors and enthusiasts.
Important events that fuel interest
This increase in Bitcoin-related discourse came at a time when critical events were unfolding in the crypto space. In the first quarter of the year, the US Securities and Exchange Commission granted the long-awaited approval for spot Bitcoin exchange-traded funds.
The ETF complex raised more than $110 billion in assets in a short time, even more than attributed to Bitcoin’s enigmatic creator, Satoshi Nakamoto. In this way, institutional acceptance further legitimized the alpha cryptocurrency, attracting both new and old investors.
In 2024, 140 million posts containing the word “bitcoin” were published in X, an increase of 65% year over year.
H/T @visibrain pic.twitter.com/HmAxRRr4pB
-Jameson Lopp (@lopp) December 26, 2024
But over time, enthusiasm for Bitcoin continued to fluctuate. Rumors subsided in February and increased again in November due to the election of Donald Trump as president of the United States, promising that the United States would be the epicenter of cryptocurrency innovation.
Bitcoin accelerated again when it hit a new high of $108,000 in early December and surpassed a crucial psychological threshold.
Posts mentioning Bitcoin on the X platform in 2024. Source: Visibrain
Market factors and challenges
Despite the euphoria, Bitcoin price has come under pressure lately. At the end of December, it was trading at around $95,000, indicating a possible pullback after the holiday season. Analysts have warned of a possible decline if some critical support levels are breached.
Cryptocurrency trader Ali Martínez warned that Bitcoin could fall almost 27% if it fails to stay above key prices.
It is not lost on anyone that substantial outflows from US spot Bitcoin ETFs have recently reached $1.5 billion. This, at least to some extent, has sown uncertainty in the institutional investment community.
This again indicates broader trends within the crypto sector. Although Bitcoin manages to remain resilient, its recovery path will largely depend on maintaining support above crucial levels.
The future of Bitcoin in X
Under the leadership of Elon Musk, the platform itself is changing, but Bitcoin discussions still dominate X. While they are supposed to increase user engagement, new content methods could also affect dissemination and viewpoint of cryptocurrency-related content.
Featured image from PCMag, chart from TradingView
