“Crypto Twitter (NYSE:)” is a powerful place. Not only does online discussion follow the ups and downs of digital assets, it can also shape price action. Oftentimes, a spike in attention on Twitter can herald a dramatic rise in an asset’s price. However, in other cases, the order may be reversed, or there may be no relationship between price and Twitter conversations.
To harness the power of Twitter and use it as a tool to generate profits, cryptocurrency traders need two things: The first is the ability to quickly spot spikes in social attention around specific assets, while the second is good judgment to know if the anomaly is really a harbinger of an impending rally. While there are reliable algorithmic tools that cover the first ingredient, such as Cointelegraph Markets Pro’s Unusual Volume Indicator on Twitter, the second requires instinct and experience.
The following examples of assets that showed the largest weekly increase in tweet volume illustrate various scenarios around the relationship between price and conversation on Twitter.
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