about 2 years ago • 1 min
Like most social networks, Reddit can be many things: a source of fresh ideas, a useful research tool – and a cesspit of bigotry. But as a barometer of public opinion it has few equals and – as the chart above shows – 2021 was the year when interest in the broad topic of “cryptocurrency” definitively overtook “bitcoin”.
According to data from Subreddit Stats, both subscribers and posts on Reddit’s Cryptocurrency forum overtook those on its Bitcoin page over the past 12 months. While interest in both topics has grown, some 4.2 million Reddit users now subscribe to updates on Cryptocurrency versus 3.7 million on Bitcoin. The difference in posts per day is even more stark.
And as the conversation around crypto has broadened out from whether a certain token’s price will climb to whether crypto is finally finding essential use cases, bitcoin’s dominance has also declined. Bitcoin’s value as a share of the entire crypto market has dropped from 70% at the start of the year to just 40%.
With 2022 just a few days away, it’ll be fascinating to see if bitcoin’s dominance keeps declining as newer projects steal the limelight – or whether investors will fall back in love with the OG cryptocurrency.
Disclaimer: These articles are provided for information purposes only. Occasionally, an opinion about whether to buy or sell a specific investment may be provided. The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment advisor.