– 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.