Sentimental Analysis for Cryptocurrencies – December 30

Cryptocurrencies, currently are in a very difficult territory where no fundamental or technical indicators are actually affecting the prices but the sentiments of the community. Every news article or a social mention is driving the trend and direction of where the prices are heading to. Majority of this drive is from the sentiments of 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 a few indicators that are used widely to determine the sentiment.

Bitcoin Sentimental Analysis

As mentioned, it’s the largest coin that decides most of the trend for the crypto markets and it becomes necessary to understand the sentiment it garners among the community. A lot of news flow and sell-offs has dampened the short term sentiment but yes, there are some long-term positives that make Bitcoin an interesting study. An analysis of its social mention and greed & fear index will give us a clear idea of what is happening.

Bitcoin is forming a base close to 3600 and this is what keeps the sentiment neutral to positive. The greed and fear indexes are still showing extreme fear indicating there is still cautiousness in the market although, things are improving.

Altcoin Sentimental Analysis

Fear and Greed index is only available for BTC as not many altcoins have all components required to calculate it.

Sentiment for most of the altcoin is neutral to positive as most coins remain range bound. The only standout here is Ethereum, which has seen some sharp rise in price. XLM has gone extreme flat on sentiment, turning it neutral

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