The huge growth in online interactions prompts yet more talk of a bubble.
Posts about cryptocurrency have exploded on Reddit, according to data analyzed by MarketWatch, prompting yet more speculation that the assets are a bubble about to pop, or entering the mainstream—depending on which side of the fence you stand.
MarketWatch reports that interactions on niche Reddit forums (known as “subreddits”) devoted to cryptocurrency have soared by a massive 930% this year, and that at one point users were joining one of the main bitcoin forums at the rate of 1,300 a day.
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One group, “CryptoCurrency,” has seen a 3,017% jump in interactions in 2017, paralleling the wild volatility of the asset class. An Ethereum forum has seen a 405% growth in subscribers this year. The litecoin subreddit saw a 1,652% jump.
Interestingly, traffic on other asset classes seems to have dampened down on Reddit, which lures many speculators, traders and investors. MarketWatch reports that interactions on a leading equities market group were down 2% and down 12% in the group known as “wallstreetbets.”