2021 is a successful year for crypto and DeFi worldwide. In particular, the digital asset class surpassed its cumulative market cap of $ 3 trillion for the first time in a year. And BTC also posted some record gains in October after hitting a new all-time high.
With that in mind, we know that the adoption of crypto has skyrocketed over the past year, as has curiosity about the asset class.
A recent report by the analytics firm GlobalData found that “Bitcoin” will be the “most mentioned cryptocurrency in social conversations between Twitter influencers and Redditors in 2021”. With over 881,900 discussions, Bitcoin saw the greatest pull across all platforms when the U.S. securities regulators approved the first BTC futures ETF in October, the report added.
“Social media discussions also increased when Elon Musk tweeted that Bitcoin is not being accepted as a Tesla car purchase due to concerns about the environmental cost of cryptocurrency mining.”
Social media arouses interest in crypto
On December 9, the report said that overall crypto buzz was also up more than 400% year-on-year. Smitarani Tripathy, Social Media Analyst at GlobalData, commented:
“The social discussions on the topic of crypto grew by more than 400% year-on-year in 2021 *. Mentions from technical experts, blockchain experts, CEOs and fintech experts should have a greater impact on the discussions about cryptocurrencies. “
The second largest cryptocurrency, Ethereum, also ranks second in social media chats with over 305,800 discussions. GlobalData stated,
“Ethereum social conversations exploded when it outperformed Bitcoin. The connection of Ethereum with complementary growth areas in the crypto world such as decentralized finance (DeFi), non-fungible tokens (NFT) and the Metaverse are some of the main drivers for its outstanding performance. ”
With an 8,000% increase over 2020, DOGE ranks third on the list, followed by coins such as Polkadot, Binance Coin, Tether, Solana and Shiba Inu. However, DOGE competitor SHIB saw 16,000% growth in 2021, largely due to speculation with Robinhood’s listing.
To further clarify, Tripathy added that Tesla’s Elon Musk “has proven to be one of the most influential contributors to the crypto market, serving as a catalyst for leading cryptocurrencies like Bitcoin and Dogecoin.”
This is especially true in the event that Musk tweets via the DOGE satellite and accepts meme tokens for goods.
SpaceX will launch the Doge-1 satellite to the moon next year
– Quests paid in Doge
– The first cryptocurrency in space
– the first meme in spaceGo to moooonnn !! https://t.co/xXfjGZVeUW
– Elon Musk (@elonmusk) May 9, 2021
That being said, as Christmas approaches, Bitcoin has again moved north of $ 50,000. At the time of writing, BTC is hovering around $ 51,300, following its somewhat bearish rate. However, the recent SEC decision to shoot down two physically secured Bitcoin ETFs proposed by Valkyrie and Kryptoin has disappointed the community.