Cryptocurrencies are in a very difficult territory where no fundamental or technical indicators is actually affecting the price than the sentiment of the community. Every news article or a social mention is actually driving the trend and direction of where the prices are heading. Although most of the sentiment is derived from the sentiment of the Bitcoin- the largest cryptocurrency, still some altcoins have their specific pros and cons that change their variance from that of Bitcoin. Let’s look at the few indicators that are used widely across to determine the sentiment.
Bitcoin Sentimental Analysis
As mentioned it’s the largest coin in the market that decides most of the trend for the crypto markets is necessary to understand that sentiment it garners among the community. A lot of news flow and sell off has dampened the short term sentiment but yes there are some long-term positives which make Bitcoin an interesting study. An analysis of its social mention and greed and fear index would give us a clear idea of what is happening
|Analysis Type||Tool||Analysis- Score||Sentiment|
|#BTC – Hashtag Analysis||Keyhole||Score: 90
Positives: 54.7 %
|Positive to Neutral- Positives rising|
|#BTC- Social Media Mentions||Social Mention||Sentiment 2:1 in favor of positives
With 9 scores towards neutral and 113 in favor of Positives
|Positive to Neutral|
|Fear to Greed Index||Alternative.me||Score 55–Greed||Positive|
|Fear to Greed Index||CNN Money||Score 72-Greed||Positive|
Well, Bitcoin has been in touching distance of USD 4000 after a long time, in fact, it has spiked a couple of times over USD 4000 on some exchanges across the globe. Clearly looks like the bulls have got the sentiment positive. There is still neutrality in some indicators as people are getting cautious that there could bear coming to draw the markets downs. If the coin moves and stays above USD 4000 there could be a sought of further positive momentum.
Altcoin Sentimental Analysis
Fear and Greed index is only available for BTC as not may altcoins have all components required to calculate it
|Altcoin||Keyhole # analysis||Social Mention||Sentiment|
|ETH- Ethereum||Score – 85
|4:1 towards Positives
|Neutral to Positive- Positive rising|
|XRP- Ripple||Score 85
|11:1 towards Positives
|Positive to Neutral, Positives rising|
|BCH- Bitcoin Cash||Score 82
27.0 % Positive
|6:1 towards positives
|Positive to Neutral-
|0:0 towards positives
|8:0 towards positives
|Positive to Neutral-
Sentiment for most of the altcoin has been positive thanks to the upmove in Bitcoin. A couple of times this week when the market was completely green. Ethereum smooth upgrade has kept sentiment slightly positive for the coin and has bought it back in the game. XRP and XLM both are showing a positive move on sentiment.
Will this sentiment actually pull back the prices? Do let us know your views on the same
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