Sentimental Analysis for Cryptocurrencies- December 23

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Sentimental Analysis for Cryptocurrencies- December 23

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: 92

Positives: 54.7 %

Negative: 4.2%

Neutral- 41.1%

Positive to Neutral- Positives rising
#BTC- Social Media Mentions Social Mention Sentiment 14:0 in favor of positives

With 14 scores towards neutral and 14 in favor of Positives

Positive to Neutral
Fear to Greed Index Alternative.me Score 31–Fear Negative
Fear to Greed Index CNN Money Score 3 -Extreme Fear Negative

 

So Bitcoin is finally above USD 4000 and it seems all joys on the street. But the sentimental indicators tell a little different story. While on social media there is positivity around BTC the fear and greed index still show fear and extreme fear cases indicating that people are yet not sure whether this rally is really constructive or is it just short squeeze and there are chances market may fizzle out again. For the confidence to sustain we believe BTC will have to continue its upward journey atleast till USD 5000 levels- a logical support a lot of technical guys are also mentioning about.

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 – 89

38.2% Positive

4.4% Negative

57.4%- Neutral

8:1 towards Positives

Neutral 11

Neutral to Positive- Positive rising
XRP- Ripple Score 90

23..7% Positive

2.6% Negative

73.7% neutral

5:1 towards Positives

Neutral 108

Neutral to Positive, Neutrals rising
BCH- Bitcoin Cash Score 80

29.6 % Positive

7% Negative

63.4% Neutral

16:0 towards positives

Neutral 53

Neutral to Positive- Neutrality rising
EOS Score 91

21.2% Positive

1.9% Negative

76.9%- Neutral

10:0 towards positives

Neutral 15

Neutral to Positive-

Neutral rising

XLM-Stellar Score 95

43.4% Positive

1.9% Negative

54.7% Neutral

3:1 towards positives

Neutral 132

Neutral to Positive, Positive rises

 

So positivity is back to street with all altcoins showing a positive movement. BCH that have been continuously rising are seeing some neutrality now. For the rest its all greens in day to come for altcoins. Hope this rally continues and so does positivity

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 23
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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 547 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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