Studies conducted by Southern Methodist University have shown that Twitter and Google trends have an impact on cryptocurrency costs.
According to the analysis of posts on Twitter and the index of Google search queries, the number and nature of entries affect the rate of cryptocurrencies. The discovered dependence shows that the number of tweets first changes, and then the prices of digital currency, which means that if we could qualitatively assess the attitude of the world community to cryptocurrency, then we could analyze the market based on these data.
The study notes that Twitter sentiment was generally positive, even if currencies were trading in the red zone.
Then, according to Google, an increase in search requests occurs before the actual rise in prices for cryptocurrency.
Google, Facebook, Twitter and other social networks definitely influence the price of cryptocurrency. Most people who are somehow related to the cryptocurrency, when making decisions, whatever one may say, rely on market sentiment.