Sentimental Analysis for Cryptocurrencies- October 18

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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.

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: 83

Positives: 37.9%

Negative: 7.4%

Neutral- 54.7%

Neutral to Positive- Stable in sentiments
#BTC- Social Media Mentions Social Mention Sentiment 4:1in favor of positives

With 170 scores towards neutral and 12 in favor of Positives

Neutral to Positive
Fear to Greed Index Alternative.me Score 18 – Extreme Fear Neutral to Negative

Fear rising sharply

Fear to Greed Index CNN Money Score 11 -Extreme Fear Neutral to Positive

   

All indicators are pointing toward neutrality with a slight positive loop. Both fear and greed index are still pretty much on the extreme fear side indicating pressure on prices but also opens doors to some buying opportunity.

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 – 94

39.8% Positive

2.4% Negative

57.8%- Neutral

13:1 towards Positives

Neutral 144

Neutral to Positive- Positive going up
XRP- Ripple Score 89

32.3 % Positive

4.0% Negative

63.7% neutral

3:1 towards Positives

Neutral 177

Neutral to Positive, Neutrality returning
BCH- Bitcoin Cash Score 89

27.8 % Positive

3.3% Negative

68.9% Neutral

10:1 towards positives

Neutral 144

Neutral to Positive- Neutrality shot up sharply
EOS Score 90

42.2% Positive

4.5% Negative

53.3%- Neutral

22:1 towards positives

Neutral 151

Neutral to Positive
XLM-Stellar Score 85

12.4 % Positive

2.1% Negative

85.6% Neutral

4:1 towards positives

Neutral 50

Neutral to Positive, Neutrality rising

 

While Bitcoin is neutral, Ethereum after struggling for a week has shot up into positive. This could be because the coin had slipped into the oversold category. XRP also lost some of its negative but those were converted to neutrals than positives. For all other altcoins, the sentiment of bitcoin seems to be replicating as people are more neutral.

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

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Abhinav Agarwal

A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com

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