Sentimental Analysis for Cryptocurrencies- December 16

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Sentimental Analysis for Cryptocurrencies- December 16

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: 84

Positives: 38.1%

Negative: 7.3%

Neutral- 54.5%

Neutral to Positive- Neutrals rising
#BTC- Social Media Mentions Social Mention Sentiment 5:1 in favor of positives

With 160 scores towards neutral and 10 in favor of Positives

Neutral to Positive
Fear to Greed Index Alternative.me Score 13–Extreme Fear Negative
Fear to Greed Index CNN Money Score 11 -Extreme Fear Negative

 

There is still fear and uncertainty surrounding BTC as both Fear and Greed Index are in an extreme fear category. A lot of analysts are predicting BTC to dive below USD 3000 and that is building some sentimental pressure on the bellwether coin. BTC fundamentally is growing stronger but speculation seems to keep its price and sentiment under its control

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 – 81

32.1% Positive

7.2% Negative

60.7%- Neutral

2:1 towards Positives

Neutral 155

Neutral to Positive- Neutrality rising
XRP- Ripple Score 83

38.7% Positive

8.3% Negative

53.0% neutral

9:1 towards Positives

Neutral 162

Neutral to Positive, Positive rising
BCH- Bitcoin Cash Score 65

18.8 % Positive

10% Negative

71.3% Neutral

3:1 towards positives

Neutral 69

Neutral to Positive- Neutrality rising
EOS Score 87

30.3% Positive

3.7% Negative

66.0%- Neutral

13:1 towards positives

Neutral 152

Neutral to Positive-

Positives rising

XLM-Stellar Score 91

40.2% Positive

3.6% Negative

56.2% Neutral

8:0 towards positives

Neutral 71

Neutral to Positive, Positive rises

 

SO there is some positive sentiment building upon altcoins, especially around XRP, XLM, and EOS. BCH is seeing a cooler after the hustle and bustle of the fork and its follow up events. Ethereum also is seeing a bit of neutral sentiment as the coin seems to be in an oversold category languishing below USD 100.

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

 

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Sentimental Analysis for Cryptocurrencies- December 16
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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.
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Nilesh Maurya 669 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]

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