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Chicken-or-Egg Problem: Breaking Down Holo’s Recent Bull Run in Relation to Its Twitter Hype

  • Alex Morris
    📊‍ Infographics

    Was Holo’s rising popularity on Twitter a major catalyst for the token’s impressive growth this January?


Chicken-or-Egg Problem: Breaking Down Holo’s Recent Bull Run in Relation to Its Twitter Hype
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This January turned out to be a great success for Holo (HOT) with a monthly gain of 199 percent. A recent DataLight study shows the correlation between its Twitter hype and price in order to determine what caused what.

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A precursor to a future price pump?    

Holo has been hovering within the top 60 range without any sizeable gains since Nov. 16. Its Twitter hype (the total amounts of mentions, likes, and retweets) also was on the same level given that the token mostly remained under the radar of crypto enthusiasts.

On Jan. 7, Holo’s Twitter hype surpassed the 3,000 mentions mark for the first time (3,212 mentions), which was quickly followed by a huge spike in Twitter activity (5,125 mentions) on Jan. 8. Notably, Jan. 8 was also the first time the token cracked the CMC top 50, occupying 49th place.

Witnessing a bull run amidst the crypto winter    

After a minor success, Holo’s Twitter activity fizzled out. Things were relatively quiet until Jan. 24 when Twitter hype witnessed more than a two-fold increase and reached a brand new peak position on CMC — 38. The bullish trend continued, and HOT price reached its current year-high of $0.001527, landing 30th place on CMC. Yes, you guessed it — its Twitter mentions also skyrocketed to 9,049.

At the end of January, Holo’s impressive price pump started to lose steam (the token’s Twitter activity also took a plunge). However, HOT started February with a new 30 percent price uptick.


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Institutional Interest in Bitcoin Continues to Grow: Report

  • Alex Morris
    📊‍ Infographics

    Institutional Bitcoin trading volumes have been on the rise since the beginning of April, but there is only one winner in this game
     


Institutional Interest in Bitcoin Continues to Grow: Report
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According to a new study published by Blockchain research firm Diar, institutional Bitcoin trading volumes are growing for the fourth consecutive month. The fact that the number of CME futures contracts skyrocketed since the beginning of April is the icing on the cake.

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CME’s dominance

 As reported by U.Today, CME Bitcoin futures saw their daily trading volume increase by a whopping 950 percent with 22,542 contracts on Apr. 4. In fact, the sudden rise in Bitcoin price was linked to the expiration of CME futures.  

So far, that level of interest remained steady with 11,873 contracts traded on Apr. 11.


Institutional Interest in Bitcoin Continues to Grow: Report

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The only winner

With CBOE pulling the plug on Bitcoin futures due to its inability to compete with its Chicago-based rival CME, there is a clear winner in this race. While Diar calls CBOE ‘the biggest loser’, Grayscale's Bitcoin Investment Trust (GBTC) is not exactly on the winning side, either. It now accounts for 24 percent of the market, lagging behind CME (a far cry from its 50 percent market share back in January 2018).

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New heights

The dominance of institutional products has been steadily rising since January. As of April, institutional money is responsible for 19 percent of the total Bitcoin trading volume (almost 8 percent more than during the market peak in January 2018). However, it has yet to match its 24 percent market share that was recorded in July.

Cover image via u.today
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