Sentimental Analysis for Cryptocurrencies – Caution Sighted as Sentiment Turns Neutral with Negativity Rising

bitcoin

Sentimental Analysis for Cryptocurrencies – Caution Sighted as Sentiment Turns Neutral with Negativity Rising

– Caution sighted as sentiment turns neutral with negativity rising

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: 95

Positives: 45.9 %

Negative: 2.4%

Neutral- 51.8%

Neutral to Positive
#BTC- Social Media Mentions Social Mention Sentiment 3:1 in favour of positives

With 167 score towards neutral and 13 in favour of Positives and 4 for negatives

Neutral to Positive
Fear to Greed Index Alternative.me Score 18 -Extreme Fear Negative- rise in negativity
CNN Money Greed Fear Index CNN Money Score- 70 Greed Positive- but dipping

While the two analysis shows a neutral to the positive indication, the fear to Greed Index loops towards the fear side signifying investors are too worried, which will take the price down, which in a way is a sign that buying opportunities may soon be arriving.

Also, read: Bitcoin [BTC], Ethereum [ETH], Ripple [XRP] Price Analysis for the week August 6-12

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 91-

49.5%- Positive

4.4%- Negative

46.2%- Neutral

5:1 towards Positives

Neutral 111

Neutral to positives- rising negatives
XRP- Ripple Score 80

31.1 % Positive

7.8% Negative

66.1% neutral

6:1 towards Positives

Neutral 173

Neutral to Positive- rising negatives
BCH- Bitcoin Cash Score 80

38.3% Positive

9.6% Negative

52.1% Neutral

1:1 balanced between positives and negative

Neutral 123

Balanced with negative pumping up
EOS Score 80-

24.1% Positive

6.0%- Negative

69.9%- Neutral

4:1 towards positives

Neutral 149

Neutral to Positive- negative pumping up
XLM-Stellar Score 92

41.8 % Positive

3.3% Negative

54.9% Neutral

1:1 balanced between positives and negative

Neutral 28

Neutral to Positive with negative pumping up

 

Even with falling prices, the social media sentiment with most altcoins just like the Bitcoin is neutral to positive signifying there could be a pullback in prices after this sentimental correction.

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

Summary
Sentimental Analysis for Cryptocurrencies - Caution Sighted as Sentiment Turns Neutral with Negativity Rising
Article Name
Sentimental Analysis for Cryptocurrencies - Caution Sighted as Sentiment Turns Neutral with Negativity Rising
Description
Cryptocurrencies are in a very difficult territory where no fundamental or technical indicators is actually affecting the price than the sentiment of the community.
Author
Publisher Name
COINGAPE
Publisher Logo
View comments
Nilesh Maurya 465 Articles

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. Reach out to him at 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. Reach out to him at [email protected]

Follow Nilesh @