Sentimental Analysis for Bitcoin and Altcoins 26 August

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: 91 Positives: 43.6 % Negative: 3.8% Neutral- 52.6%	Neutral to Positive, significant rise in positives
#BTC- Social Media Mentions	Social Mention	Sentiment 8:1 in favor of positives With 170 scores towards neutral	Neutral to Positive
Fear to Greed Index	Alternative.me	Score 19 -Extreme Fear	Negative
Fear to Greed Index	CNN	Score- 68- Greed	Positive

While the two analysis shows a neutral to the positive indication, the fear to Greed Index from two sources give a very divergent view, the overall scenario looks positivity returning to the street, which in a way is a sign that buying opportunities are available and one can look for price spiking. A buy maybe recommended but caution needs to be in place.

Also, read : Bitcoin Bounces over $6,700 & Altcoins Go Green, But Expert Says it can get Really Ugly

Altcoin sentimental analysis

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Sponsored

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 91- 38.3% Positive 3.7 % negative 58%- Neutral	1:1 towards Positives Neutral 27	Neutral
XRP- Ripple	Score 88 21.6 % Positive 2.7% Negative 75.7% Neutral	2:1 towards Positives Neutral 115	Neutral to Positive
BCH- Bitcoin Cash	Score 97 34.4 % Positive 1.0% Negative 64.6% Neutral	5:0 towards positives Neutral 119	Neutral to Positive, with positivity insignificant rise
EOS	Score 96- 43.8% Positive 1.4 Negative 54.8%- Neutral	8:1 towards positives Neutral 105	Neutral to Positive
XLM-Stellar	Score 100 49.4% Positive 0 Negative 50.6% Neutral	6:0 towards positives Neutral 146	Neutral

Even with volatility in prices, the social media sentiment with most altcoins just like the Bitcoin is neutral to positive. BCH is suddenly gaining traction and Ethereum and Stellar just moved to a neutral zone. These two coins are poised really well and could move in any direction as the news flow pours in

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

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.

About Author