According to CoinGecko’s recent report, 84% of the participants mostly used X, Telegram, and YouTube.
With 41.7%, X is one of crypto users’ most popular social media platforms.
Crypto YouTube emerged as the second most popular source with a 23.4% market share, surpassing Crypto Telegram.
Following the popularity of cryptocurrencies, social media usage has grown significantly. A recent study by CoinGecko revealed that 5 out of 4 crypto users spend time on YouTube, Telegram, and X (formerly Twitter).
The survey highlights that most crypto holders leverage social media for information over the market compared to traditional media. The study was conducted secretly, assessing 2,558 cryptos between June 25, 2024, and July 8, 2024.
The research reveals that 84% of participants used X, Telegram, and YouTube. X was identified as the most popular social media platform among the participants, with 41.7% of the respondents considering it the leading platform on which they spend time.
Source: CoinGecko
However, YouTube and Telegram have similar crypto user bases. Telegram and YouTube had similar levels of popularity, with 21.5% and 20.8% of users mainly spending their time on them.
Around 15% of crypto users use Reddit and Discord comparatively less than X, Telegram, and YouTube. However, Discord is more prevalent in the crypto market and among enthusiast traders than on Reddit.
Interestingly, 710 out of 1,065 respondents also identified X as their primary source of information.
Crypto YouTube emerged as the second most popular source with a 23.4% market share, surpassing Crypto Telegram. Meanwhile, other social media platforms accounted for a smaller 2.4% of participants.
Farcaster trailed behind with a minor 1.3% share of participants, indicating a limited presence in the news source landscape.
User Base & Statics of ‘X,’ ‘Telegram,’ and ‘YouTube’
X has become one of the most widely used social media platforms globally, with an impressive 540 M users globally. The platform witnessed a remarkable 47% increase in monthly active users in 2023, reaching 541.56M.
X’s daily active user count currently stands at 237.8M; 650k users have subscribed to X Premium, indicating a growing interest. The U.S. boasts the highest number of X users worldwide, with a whopping 95.6M users, followed closely by Japan with 67.4M users.
X’s engagement metrics are equally impressive, with approximately 350k tweets or posts sent every minute and 100B impressions daily.
With 900M monthly active users as of July 2024, Telegram has witnessed a significant 12.5% increase since 2023. This surge is further highlighted by the staggering 310.94M app downloads across the App Store and Google Play in just the first nine months of 2023.
An average user spends nearly 3 hours and 50 minutes on Telegram monthly; its optional subscription service has attracted 4M users.
YouTube is among the leading social media platforms, with an impressive 2.49B users worldwide. This represents a significant increase from 2B users in 2019, demonstrating the platform’s continued growth and popularity.
Notably, 47% of all global internet users access YouTube monthly, underscoring its vast reach and influence. India contributes the most significant number of YouTube users, with an estimated 462M, followed closely by the United States with 239 M.