Bitcoin, Altcoins Sentimental Analysis for Cryptocurrencies- October 07

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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 to. 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: 83

Positives: 30.6%

Negative: 6.1%

Neutral- 63.3%

Neutral to Positive- Negatives rising
#BTC- Social Media Mentions Social Mention Sentiment 7:1 in favor of positives

With 125 scores towards neutral and 7 in favor of Positives

Neutral to Positive- Negatives creeping
Fear to Greed Index Alternative.me Score 29 – Fear Neutral to Negative
Fear to Greed Index CNN Money Score 33 -Fear Neutral to Negative

 

All indicators are showing a neutral to negative outlook as fear seems to be slowly creeping in the minds of traders and investors regarding BTC. The coin has stuck in between a USD 6300- USD 6700 range for a while and one can expect the coin to move closer to USD 6300, a support level BTC has held for a while. As both fear and greed index now in the fear territory, one can expect dips in BTC prices creating buying opportunities.

Also, read: Bitcoin Market has Simply Just Run Out of Juice, states Analyst Report, Explains Why No Activity

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 – 80

47.7% Positive

11.4% Negative

40.9%- Neutral

5:1 towards Positives

Neutral 136

Neutral to Positive- Negatives rising sharply
XRP- Ripple Score 84

25.8 % Positive

4.7% Negative

69.5% neutral

8:1 towards Positives

Neutral 164

Neutral to Negative,

Neutrals and positives rising

BCH- Bitcoin Cash Score 55

23.3 % Positive

18.9% Negative

57.8% Neutral

5:0 towards positives

Neutral 119

Neutral to Positive- Negative shot up sharply
EOS Score 90

40.5% Positive

4.4% Negative

55.1%- Neutral

19:1 towards positives

Neutral 170

Neutral to Positive- Neutrals moving to positives
XLM-Stellar Score 93

62.2 % Positive

4.4% Negative

33.3% Neutral

36:1 towards positives

Neutral 41

Positive- Sudden move from Neutrals to positives

 

While Bitcoin and Ethereum are showing signs of some weakness, XRP seems to be gaining some positivity after a fall this week. BCH is slowly moving towards positive territory, there is a sharp rise in positive in XLM and EOS. XLM seems to be a sudden favorite as its sentiment is completely positive.

Will this sentiment actually pull back the prices? Do let us know your views on the same.

Nilesh Maurya

Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.

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