Elon Musk has again managed to push bitcoin’s social sentiment into new highs on Twitter. Social media activity for BTC reached an all-time high after a major endorsement from SpaceX and Tesla CEO, Elon Musk.
While speaking to reporters, Joshua Frank, the co-founder and CEO of The Tie, said that there have been 143,000 tweets in the past 24 hours from the non-bot accounts on Twitter.
This new record beats the previous high of 140,000 that was set on January 3, 2021.
News emerged on February 8 that the electric car maker Tesla had added BTC to its balance sheet. That discovery sent prices and market sentiment to new record highs. In the early Asian trading session on February 9, Bitcoin prices surged to reach new highs above $47,500.
Frank said that the latest surge in social engagement is showing some bullish sentiment among the retail traders:
“I think that it’s definitely clear that retail is here. We are seeing absolutely massive surges across the board in twitter activity, trading activity, and price movement for altcoins which institutions are not touching. Today’s movement can absolutely be attributed to Elon Musk, but BTC social activity has been on a tear all year.”
Elon Musk’s tweet seems to have captured crypto–Twitter’s attention. It even overshadowed CME’s highly anticipated launch of Ether futures contracts on February 8. In that context, Frank noted that Ether’s Twitter-volume had dropped by 50% after recently enjoying some sustained record highs. He said:
“ETH twitter activity was crushing all-time highs recently but wasn’t massive today, down about 50% vs. Yesterday.”
The run-up to this launch of CME’s Ether futures captured the imagination of retail and institutional investors, with Ether products representing about 80% of last week’s institutional crypto inflows.
Both BTC and ETH prices are now consolidating after posting record highs hours ago. At the time of writing, the cumulative cryptocurrency market capitalization is sitting above $1.3 trillion.