Canary In A Crypto Mine: Do Recent Events Indicate an End to the Tech Market?

Written by
Steph Saba

Insights by
Josh Tompkins

07 Dec, 2022

Conversations around Cryptocurrency have hardly left mainstream media since it exploded into the cultural conversation in 2021, and with the recent headlines on the FTX crash, the market is once again back in the spotlight. But is all the attention helping or hurting public opinion of the market?

We compared conversations surrounding the crypto market from 6 months ago to the last 8 weeks in order to understand who is still engaging with the topic and how they feel about the latest mishaps with FTX and Alameda.

Insights

Data reveals that despite market turbulence, the conversation around crypto is as high as it has ever been. With the latest setbacks in the market happening so recently, it’s no surprise that negative sentiments around the topic have spiked. However, after a brief period, positive attitudes have taken back the forefront of the discussion. So who is still talking so highly about this market?

F1. Positive & Negative Conversations Surrounding Cryptocurrency in the Public
F1. Positive & Negative Conversations Surrounding Cryptocurrency in the Public

The two tribes that we’ve seen change the most over the 6 months were the Trendy Youths and the Crypto Community.

The ‘Trendy Youths’ are built from the Gen Z and younger millennial population. This audience is tech-facing and entertainment focused, with their biggest interests lying in hip-hop music and dance, streetwear, and celebrity news. This is a hype-led audience, brought in by the likes of big contemporary culture influencers and celebrities that are the faces and forefronts of these crypto brands. However, as these influencers became less involved in the conversation during the last few months, so has this audience, following their lead.

F2. Trendy Youth Engagement Past vs. Present
F2. Trendy Youth Engagement Past vs. Present

The Crypto Community remains the market’s biggest group of supporters. While they have always been positively outspoken about cryptocurrency and its cultural impact, they are doubling down in their enthusiasm amidst the latest controversy. Conversations have not only increased among this group in the last 8 weeks, but the community itself is expanding. Where before the tribe contained mostly tech professionals and developers familiar with the industry, it has now expanded beyond that to finance, computer science and business professionals who are becoming more informed around the topic.

F3. Crypto Community Top Categories
F3. Crypto Community Top Categories

When thinking about reaching and engaging with potential audiences, it’s easy for marketers to stick with the obvious audience of the Crypto Community. This group understands the benefits of the industry and is not easily deterred by inevitable hiccups that come with a growing tech space, offering a reliable potential consumer base. However, companies should take this opportunity to expand their audiences and bring back the once-interested Trendy Youth in a more meaningful way. As more people are talking about Crypto than ever before, now is the perfect time to reignite their enthusiasm. The Fifty platform offers a detailed look at the humans behind the data, so we know exactly where and how to reach these audiences for effective and engaging campaigns to spread Crypto’s support to the larger public.

Conclusion

Cryptocurrency is notorious for its ever-changing landscape, but it is not easily deterred by the growing pains that tend to come within an emerging market. Our insights clearly indicate that despite recent events, there is still plenty of positive conversation and faithful supporters on the sidelines that are happy to wait out this storm and await the future successes of the next big tech industry.

If you want to learn more about the current crypto market and how fifty has gained detailed insight into its biggest audiences, stay tuned for our upcoming Fifty in Conversation with our CGO Duncan McCrum and Senior Insights Executive Ben Montagu-Scott where they discuss the current crypto market in more depth.

Need help understanding your evolving audiences? Get in touch with our team today at [email protected] or book a demo with us directly.

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