Sentimental Analysis for Cryptocurrencies – December 30


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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.

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 8:1 in favor of positives

With 15 scores towards neutral and 172 in favor of Positives

Positive to Neutral
Fear to Greed Index Alternative.me Score 23–Fear Negative
Fear to Greed Index CNN Money Score 12 -Extreme Fear Negative

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.

Altcoin Keyhole #  analysis Social Mention Sentiment
ETH- Ethereum Score – 89

38.2% Positive

4.4% Negative

57.4%- Neutral

15:1 towards Positives

Neutral 62

Neutral to Positive- Positive rising
XRP- Ripple Score 90

23..7% Positive

2.6% Negative

73.7% neutral

2:1 towards Positives

Neutral 108

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

29.6 % Positive

7% Negative

63.4% Neutral

7:0 towards positives

Neutral 19

Neutral to Positive- Neutrality rising
EOS Score 91

21.2% Positive

1.9% Negative

76.9%- Neutral

8:1 towards positives

Neutral 100

Neutral to Positive-

Neutral rising

XLM-Stellar Score 95

43.4% Positive

1.9% Negative

54.7% Neutral

1:1 towards positives

Neutral 148

Neutral

 

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.

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Sentimental Analysis for Cryptocurrencies- December 30
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Sentimental Analysis for Cryptocurrencies- December 30
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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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Disclaimer The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Author: Nilesh Maurya

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. 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. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.

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Nilesh Maurya 679 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. 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. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.

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