How do Twitter opinion leaders influence cryptocurrency rates?
Almost everyone who is involved in the cryptocurrency world now has a Twitter account. From newly launched enterprises to opinion leaders that make a living off of cryptocurrency. In this article, you will learn about the impact that influencers have on the crypto industry, precisely what currencies they value the most, and whether they can affect their prices through their posts.
Some powerful people in the cryptocurrency sector may affect the market for the better or the worse with a single tweet. They are typically currency developers, investors, and blockchain professionals. To begin with, opinion leaders do not shape the information program but rather follow it. The increased popularity of coins is directly tied to changes in their value, not vice versa. As a result, there is greater coverage of cryptocurrencies that are at the top of the long-term rankings. For example, such as BTC, ETH, XRP, LTC, TRX, etc. It is worth noting that Twitter Influencers referred to currencies more frequently in 2018 than in 2021. Furthermore, the majority of crypto writers are Twitter influencers with 50–100 thousand followers and more than 500 percent activity. As a result, if you want to promote your crypto projects on Twitter through authoritative thought leaders, you should focus primarily on such accounts.
You must be aware of several critical selection criteria to discover the correct opinion leader. First and foremost, you should pay attention to the number of subscribers, which should not be less than 10,000. Certainly, the account should include information about the sector as a whole, rather than how they represent a specific blockchain or project. As a result, despite their substantial contributions to the crypto sphere, Vitalik Buterin and John McAfee do not appear on this list of leaders. Furthermore, you should continually keep an eye on the frequency of publications; the average is 1–2 tweets per day. Furthermore, required factors should include their experience in the sector and whether they care about their reputation, which means they do not promote scam projects and comprehend what they write about. You should also consider the existence of an engaged audience.
According to analysts, opinion leaders have a big impact on the construction of the cryptocurrency price today; therefore, traders and haters must carefully monitor the remarks of Influencers. One of the most important aspects of cryptocurrency development is information flow. A single investor’s tweet, article, or speech might cause the price of coins to reach new highs. For example, we can recall how Elon Musk’s single tweet on Twitter drove the price of Dogecoin to its all-time high. Furthermore, any information should be regarded with extreme caution, especially when making investing decisions. It’s not just news; it’s in-depth technical analysis, legal considerations, and your instincts.
However, some argue that social networks are far more productive and have a greater influence on the bitcoin market. Remember, you should not take any Influencer message for granted. As a result, always attempt to be as critical as possible about the information you receive and make only tactical decisions based on aggregate data analysis.
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