· ·

Bitcoin (BTC) and Bitcoin Cash (BCH) social engagement reveals substantial differences

Bitcoin (BTC) and Bitcoin Cash (BCH) social engagement reveals substantial differences

The technical and fundamental differences between Bitcoin (BTC) and Bitcoin Cash (BCH) have set them apart over the years. Now, data from LunarCRUSH reveals that the social engagement of these cryptocurrencies makes that gap even wider.

Interest for BTC increases while BCH is off to a slow start

Since the beginning of the year, Bitcoin entered a bull rally that has seen its price surge by nearly 50 percent. The flagship cryptocurrency went from trading a low of $6,900 on Jan. 3 to recently hit a high of $10,187. The massive bullish impulse seems to be a direct effect of a spike in interest among investors for BTC.

According to on-chain analytics data provider Glassnode, a substantial amount of new Bitcoin addresses are being created since early January. The last time new BTC addresses were created at this rate was back in April 2019 leading to a major price increase.

Bitcoin New Addresses by Glassnode
BTC New Addresses by Glassnode

Moreover, there has been a spike in Google searches for the keyword “Bitcoin halving,” adding credence to the fact that demand for the BTC is rising.

A similar pattern can be perceived on Bitcoin’s social engagement, based on data from crypto community analytics firm LunarCRUSH. The pioneer cryptocurrency has had 5.6 billion unique engagements, thus far this year. These include the to total amount of posts, comments, retweets, and favorites across all data sources. Twitter alone accounts for over 1.44 million tweets while Reddit has seen over 29,000 unique posts related to BTC.

Bitcoin Social Engagement by LunarCRUSH
BTC Social Engagement by LunarCRUSH

Meanwhile, Bitcoin Cash seems to have outperformed Bitcoin in terms of price appreciation. BCH skyrocketed 142 percent during the same time span when Bitcoin rose 50 percent. However, the Bitcoin Cash community does not show the same levels of activity.

Data shows that BCH’s total unique social engagements hovers around 137 million since the beginning of the year with 46,000 tweets and 800 Reddit posts.

Bitcoin Cash Social Engagement by LunarCRUSH
BCH Engagement by LunarCRUSH

The lack of interest that market participants have shown in Bitcoin Cash this year shows that this cryptocurrency has a long way to go before it can compete with Bitcoin. Although investors could have profited the most by trading BCH, the flagship cryptocurrency looks better in the long-term.

Posted In: , , Analysis

The above advertisement is an referral link.

Invest with AMFEIX

Like what you see? Subscribe to CryptoSlate

Get our daily newsletter containing the top blockchain stories and crypto analysis straight to your inbox.

Sign up to stay informed
Ali Martinez
Author

Ali Martinez

Technical Analyst @ CryptoSlate

After Ali began forex trading in 2012 In 2014, he came across Bitcoin’s whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.