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: 90
Positives: 33.9 % Negative: 3.6% Neutral- 62.5% |
Neutral to Positive, significant rise in positives |
#BTC- Social Media Mentions | Social Mention | Sentiment 9:1 in favor of positives
With 159 scores towards neutral |
Neutral to Positive |
Fear to Greed Index | Alternative.me | Score 18 -Extreme Fear | Negative |
Fear to Greed Index | CNN | Score- 71- Greed | Positive |
While the two analysis shows a neutral to the positive indication, the fear of Greed Index from two sources give a very divergent view, the overall scenario looks pretty positive as greens return to the street. A buy may be recommended but still one may need to find the right prices to enter and probably keep track of news as negative news may bring the price down.
Also, read: Bull Rally Here? Altcoins Making a Spectacular Recovery as Bulls Charge at Full Blast
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-
42.9% Positive 2.6% negative 54.5%- Neutral |
7:1 towards Positives
Neutral 127 |
Neutral significant rise in positives |
XRP- Ripple | Score 82
29.6 % Positive 6.2% Negative 64.2% Neutral |
3:1 towards Positives
Neutral 135 |
Neutrals moving towards positive |
BCH- Bitcoin Cash | Score 80
26.9 % Positive 6.5% Negative 66.7% Neutral |
3:1towards positives
Neutral 79 |
Neutral to Positive, with negatives, rise significantly |
EOS | Score 94-
36.7% Positive 2.2% Negative 61.1%- Neutral |
4:1 towards positives
Neutral 115 |
Neutral to Positive |
XLM-Stellar | Score 96
42.7% Positive 1.3 Negative 56% Neutral |
5:1:0 towards positives
Neutral 96 |
Neutral |
Even with volatility in prices, the social media sentiment with most altcoins just like the Bitcoin is neutral to positive. BCH that saw positivity last week had gathered some negative mentions bringing prices to neutral territory. Other coins too stayed in the neutral to the positive range but overall, we saw positivity on the street. Going forward the sentiment seems to be cautious as any negative news may bring prices down
Will this sentiment actually pull back the prices? Do let us know your views on the same.
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