The growth in hype surrounding cryptos in 2017 that lead to the eventual crash of January 2018 was presaged by a 1000-factor growth in the number of Google search terms involving “Bitcoin” over the course of the same year.
Since then a number of online tools have emerged in order to find other, more refined proxy methods for determining general adoption of cryptos.
Solume, for example, is an online crypto-interest tracking tool which analyses social media activity across Twitter and Reddit to determine the growth – or otherwise – of specific cryptocurrencies. In September, it reported a 1500% increase in social media activity surrounding Ripple in the same week that XRP doubled in price. The price spike resulted on the back of rumours surrounding the imminent launch of xRapid, a new cross-border payments platform using XRP as its medium of exchange.
Meetup Numbers for Bitcoin Half Those of Ethereum
For some, however, it is now gatherings on Meetup – the world’s leading open events organisation platform – which has become the new yardstick for gaining refined insights into the growth and adoption of cryptocurrencies.
As of writing, the Meetup platform reports 245 regular Ethereum Meetups worldwide, far outstripping the equivalent number for Bitcoin which sits at 102. Whilst the difference can likely be explained in Ethereum’s role as a more versatile, smart contract-focused blockchain as opposed to a simple currency, Meetup figures for other leading altcoins are throwing up surprises of their own.
Litecoin, the seventh largest cryptocurrency by market cap, currently registers no more than six regular Meetups worldwide.
EOS, on the other hand, which sits only two places above Litecoin in the absolute rankings by market cap, currently attracts visitors to 145 regular Meetups across the globe, and like Ethereum its numbers also surpass those of Bitcoin. Cardano (54) and IOTA (40) are the next highest entries. Monero – whose hardcore following is largely composed of privacy advocates – registers a more modest 16, behind Stellar (24) but ahead of Ripple / XRP which sits on 15.
As we step outside of the top ten cryptos, figures generally drop into the low single digits for the remaining universe of altcoins. Whilst the methodology is not scientific, there may be a case for arguing that it at least allows for relative evaluation of cryptocurrencies with each other for the question of wider adoption.
And if that assumption holds, then the outlook for cryptos such as Tron and Litecoin do not appear optimistic for the longer term.