- People are more optimistic about Bitcoin now than they have been in years according to the Bitcoin sentiment score
The Bitcoin sentiment score, which is the number of positive Bitcoin reviews relative to the number of negative reviews, has hit an all-time high. Essentially, Bitcoin is getting record amounts of positive mentions in the news and across the rest of the internet.
Bitcoin's sentiment (30 day average) is the highest that we have recorded since 2017.
30 day average tweet volumes on Bitcoin are also at 2020 highs. pic.twitter.com/A1IXRaeIPo
— The TIE (@TheTIEIO) May 18, 2020
This surge in positive Bitcoin sentiment is connected with the block halving. Essentially, it is highly anticipated that the block halving will lead to a major Bitcoin rally before the end of 2020, due to the reduction in the market supply of Bitcoin. All of the articles and comments on the internet about this are what’s making Bitcoin’s sentiment score skyrocket, in addition to the fact that Bitcoin has risen back to near USD 10,000.
Further, 30-day Tweet volumes which mention Bitcoin are surging, indicating a major uptick in crypto activity on Twitter.
Overall, the rapid rise in Bitcoin sentiment score and Bitcoin related tweets indicates that the crypto space is becoming more optimistic, which is a refreshing change.
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