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% Trending Stories |
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
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.
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