Do Twitter influencers affect crypto prices?

Almost everyone in crypto has a Twitter account: starting from the most obscure blockchain startup and ending with opinion leaders who’ve made crypto their profession.We’ve decided to find out what sort of impact influencers really have on crypto: for instance, which coins they tend to write about and if their tweets can affect the price.To do this, we’ve analyzed over a million tweets by over a hundred influencers, all posted between 2018 and June 2020.Influencers follow the news, not create it. When they start tweeting about a certain coin more often, it’s because its price has changed — not vice versa.The coins that get the most tweets are those that spend the most time in the Coinmarketcap top 10: BTC, ETH, XRP, LTC, TRX, etc. It’s worth noting that in 2018 Twitter influencers mentioned specific coins more often than in 2019.The influencers who tweet about coins most often are those with 50k to 100k followers and an engagement rate above 500%. Thus, if you want to contract Twitter influencers to promote your crypto project, you should focus on this type of accounts.Twitter influencersWe reviewed only those influencers who satisfied the following criteria:10k followers or above;Tweeting about the industry as a whole rather than a certain blockchain or project. For this reason, we didn’t include Vitalik Buterin or John McAfee, though they are certainly important opinion leaders;Active (at least 1–2 tweets a day);Knowledgeable about crypto and value their reputation: that is, influencers who clearly know what they’re tweeting about and don’t shill scam coins;Have an active, engaged following.We ended up with a list of 123 accounts with a total of over 30 million followers. The number of followers varies widely (from 10k to 6.5 million), but the median value is 92 thousand.The chart shows the distribution of Twitter influencer accounts by…