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: 75
Positives: 23.3% Negative: 12.7% Neutral- 64.0% |
Neutral moving to Neutrals rise |
| #BTC- Social Media Mentions | Social Mention | Sentiment 9:0 in favor of positives
With 46 scores towards neutral and 9 in favor of Positives |
Neutrality raising |
| Fear to Greed Index | Alternative.me | Score 39–Fear | Neutral |
| Fear to Greed Index | CNN Money | Score 58 -Greed | Positive |
Neutrality seems to be the theme with Bitcoin as the price has been stagnating around USD 3500. The Greed and fear index is slowly rising moving from extreme fear zone to more towards greed. Looks like the stability will continue unless some major setback is sighted in the coming week
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 – 82
27.3% Positive 5.7% Negative 67%- Neutral |
15:1 towards Positives
Neutral 51 |
Neutral moving towards positive |
| XRP- Ripple | Score 84
31.8% Positive 5.6% Negative 62.6% neutral |
12:0 towards Positives
Neutral 79 |
Neutral to Positive, Positive rising |
| BCH- Bitcoin Cash | Score 72
30.3 % Positive 11.6% Negative 58.2% Neutral |
9:1 towards positives
Neutral 15 |
Neutral to Positive- Positives sneaking up |
| EOS | Score 84
32.1% Positive 6.0% Negative 61.9%- Neutral |
10:1 towards positives
Neutral 134 |
Neutral to Positive-
Positives rising |
| XLM-Stellar | Score 92
44.1% Positive 3.8% Negative 52.2% Neutral |
5:1 towards positives
Neutral 159 |
Neutral to Positive, Neutrals rising |
All altcoins seem to be moving on the positive side apart from XLM which is seeing a bit of neutrality. With sentiment on the positive side, prices rise across altcoins could be sighted in the coming days.
Will this sentiment actually pull back the prices? Do let us know your views on the same.
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.
