BlockchainDefender has developed a detailed report that can assist those in the crypto industry. The report explores trust for the cryptocurrency market and the impact of that trust on market capitalization. Additionally, it examines how reputations vary by country and cryptocurrency, compares the reputations of crypto exchanges with those of traditional exchanges, and assesses how a crisis impacts cryptocurrencies.
Crypto Exchanges vs Traditional Exchanges
One of the findings in the BlockchainDefender report is that the online reputations of cryptocurrency exchanges are vastly different from those of traditional exchanges. Even the process of reputation management for these types of exchanges is different.
The report indicates that traditional exchanges maintain a high level of control over their brand’s online sentiment. A major contributing factor is that more than a third of the online content regarding traditional exchanges is the property of those same exchanges. Examples include social media channels and official websites. To supplement this sentiment that traditional exchanges control, third-party websites also publish a great deal of positive commentary. Nearly 30% of analyzed content is positive; the remaining content is either negative, neutral, potentially negative, or from an official source.
In comparison, crypto exchanges struggle to protect and improve their online reputations. According to the BlockchainDefender report, there is 275% more negative content regarding crypto exchanges than traditional exchanges. A contributing factor is that crypto exchanges only own 17.75% of the search results. To put this in perspective, this is nearly half what traditional exchanges own. It goes without saying that a lack of control over online content translates into less control over online sentiment too.
Trending Stories
Even the negative content sources vary for crypto versus traditional exchanges; traditional exchanges have fewer sources of negative content than crypto exchanges.
Other Noteworthy Trends and Findings
BlockchainDefender confirms that when a cryptocurrency has a high search volume and positive online sentiment, its market capitalization will increase.
BlockchainDefender also explores geographic differences in crypto-related sentiment. It examines four countries; of those, the UAE had the most positive search results for Bitcoin, while the US had the most negative search results.
The last section of the BlockchainDefender report looks at how a crypto crisis affects price and market capitalization, demonstrating a clear drop for both. The report wraps up with a quick exploration of challenges related to managing crypto and blockchain reputation, as well as ways to overcome those difficulties.
The blockchain industry trust report can be viewed online or downloaded here.
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