Reddit is one of the most influential social media platforms globally. It is a leading site that has over 330 million users from around the world. The firm was started by Alexis Ohanian and is also considering going public at a $15 billion valuation. If this happens, it will be one of the biggest publicly-traded social media companies in the US.
In this article, we will look at some of the best crypto communities on Reddit and what you can learn from them.
Why use Reddit in trading?
Reddit started as a place where like-minded people to share content and communicate with like-minded individuals. The platform gained popularity in the financial market in early 2021 during the meme stock mania.
At the time, participants in popular Reddit communities were blamed for pushing highly shorted stocks like GameStop, Blackberry, and AMC sharply higher. This, in turn, led to a major short squeeze that pushed hedge funds like Melvin Capital out of business.
Since then, Reddit has become an important part of the investing and trading business as people look for fresh ideas about assets like stocks and cryptocurrencies. So, let us look at the most active Reddit communities for cryptocurrency traders.
Bitcoin is the biggest cryptocurrency in the world. At its peak, the coin had a market cap of over $1.5 trillion, making it bigger than most companies. It is a well-known coin that is often seen as a hedge against inflation. Others believe that it is an ideal alternative to gold since it is a finite resource. Bitcoin is also widely owned by some of the leading institutional investors.
Most importantly, Bitcoin sets the tone in the cryptocurrency industry. When it rises, other altcoins tend to rise as well. As shown below, Bitcoin price has a close correlation with the total market cap of all digital currencies.
Therefore, r/Bitcoin is one of the most popular cryptocurrency communities on Reddit since it focuses on Bitcoin. The community has over 4.2 million from around the world. And unlike other communities, its members are incredibly active. At the time of writing, there were over 5,000 people online since it was during the weekend.
r/Bitcoin, like other popular Reddit communities, has a number of rules. For example, users who beg or ask for Bitcoins are automatically banned. Similarly, it blocks all articles about other cryptocurrencies that are not related to Bitcoin, even when they are from reputable sites.
Further, the community provides a list of the top resources on Bitcoin, like podcasts and popular websites.
r/Cryptocurrency is a Reddit community that is significantly different from r/Bitcoin. For one, it is open to all kinds of content related to cryptocurrency. This means that users are allowed to post content on all types of digital coins, including the unknown ones.
r/Cryptocurrency has over 4.9 million users and 11.5k who are online at the top posters. Like other Reddit platforms, it has a feature known as Moon that it uses to reward its most active posters, commenters, and moderators. These moons are airdropped every month. According to its platform, it has distributed over 93.7 million moons.
Another important feature of the community is that it regularly hosts popular developers and executives ask me anything (AMA) series. Some of the most notable people who have answered questions are Changpeng Zhao of Binance and leaders of Polkadot, Bancor, and The Graph.
r/Cryptocurrency community is an important platform for all traders because of the valuable resources and information that you can get from it.
r/CryptoMarkets is another Reddit community that is popular among cryptocurrency traders. It has over 814k followers from around the world who are relatively active. Unlike the other two, this one is mostly geared towards day traders. As such, users are usually allowed to share their predictions on various coins based on technical analysis.
CryptoMarkets is also a good platform to find new content about price movements. For example, if you identify a cryptocurrency whose price is going parabolic, using the community is a good way to find out the reasons for that.
r/BTC is another popular cryptocurrency community that was established in 2011. It has some similarities with r/Bitcoin. In fact, the community was established as a response to the conditions that were in r/Bitcoin. r/Bitcoin has a lot of rules that govern the type of content that people can post on the platform.
Therefore, r/Bitcoin was created by users who felt that these rules were extremely strict and that the moderators were discriminative. It has over 947k users who can discuss anything without the fear of moderator retaliation. This makes it one of the most open platforms on Reddit. In it, you will find quality information about what is moving cryptocurrencies.
r/Ethrader is a Reddit community that was originally created to provide information about Ethereum. Recently, however, it has become more open to all types of cryptocurrencies. You will find discussions and news about all types of assets.
You will also find some of the analyses from some of its community members. Some of the rules for posting in the network are on spamming, avoiding posting political content, and avoiding many comments.
Reddit is an important part of the trading industry today. We explain why you should use Reddit when trading digital coins and some of the most popular communities to follow, such as r/algorand, r/defi, and r/xmrtrader.