The importance of on-chain data and social media trends

18/01/2024
50

Social media platforms, and YouTube in particular, are barometers of public sentiment and interest. During bull markets, we often see a spike in activity on these channels, while interest declines during bear markets.

The accompanying graph shows a remarkable trend: after a period of relative silence, new subscribers to major YouTube accounts are starting to increase again. This could indicate growing interest from both old fans and new crypto entrants.

What the new subscribers can tell us

The graph shows a gradual but clear increase in the number of new subscribers. This phenomenon, observed in a logarithmic scale, highlights the early movement and gives more value to the initial growth. Such an increase could indicate growing confidence or a renewed wave of interest in cryptocurrency, potentially leading to an increase in market activity.

The Impact of social media on market behaviour

The increase in new YouTube subscribers to crypto-related channels may parallel activity in the crypto market itself. As history has shown, spikes in subscriber numbers often correlate with price spikes in the crypto market.

Speculation about the future

If this trend continues, it could indicate an emerging bull market or at least growing optimism among potential investors. It is crucial for marketers and investors to keep an eye on these social signals as indicators of public interest.

The importance of data cleansing

It is important to stress that the data for YouTube subscribers is not refreshed daily. The graph shows the data in moving averages, which helps give a cleaner and more accurate picture of the actual trend.

Using moving averages

Using a moving average flattens out the sharp peaks and valleys, providing a more reliable insight into the long-term trends of new subscribers.

Conclusion
The growth in new YouTube subscribers for crypto channels offers a fascinating insight into public interest in the crypto market. While we are witnessing a cautious but positive trend in subscriber numbers, we can speculate that we may be on the eve of a new phase of market activity. Investors and enthusiasts would do well to keep an eye on these and other social indicators, as part of a broader analytical toolkit.

It remains exciting to see how this trend will develop and what impact it will have on the crypto market. For now, we can conclude that the crypto world never stands still and the community is constantly growing, albeit sometimes at an unexpected pace.

Disclaimer: The analyses above are based on technical patterns and trends in the crypto market. It is crucial to stress that this information is not intended as financial advice. Cryptocurrency investments inherently involve risk and are subject to volatility. Before making investment decisions, it is recommended to do your own research, seek financial advice and only invest what you can afford to lose.

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