Sentimental Analysis for Bitcoin and Altcoins – October 21

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Sentimental Analysis for Bitcoin and Altcoins – October 21

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: 84

Positives: 43.4%

Negative: 8.1%

Neutral- 48.5%

Neutral to Positive- More negative coming
#BTC- Social Media Mentions Social Mention Sentiment 10:1 in favor of positives

With 165 scores towards neutral and 19 in favor of Positives

Neutral to Positive
Fear to Greed Index Alternative.me Score 21– Extreme Fear Negative
Fear to Greed Index CNN Money Score 14 -Extreme Fear Negative

   

Both Fear and Greed Index are looping towards extreme fear side indicating that the general sentiment would be to sell. But the Keyhole andSocial mention analysis still has some positives backing them. Looks like the stability of Bitcoin is still going to continue and we may see buy on dips if BTC hovers near USD 6200-USD 6300.

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 – 90

49.5% Positive

5.5% Negative

45.1%- Neutral

20:0 towards Positives

Neutral 137

Neutral to Positive- looping to positives
XRP- Ripple Score 96

35.6 % Positive

1.1% Negative

63.2% neutral

4:1 towards Positives

Neutral 170

Neutral to Positive, Neutrality rising
BCH- Bitcoin Cash Score 83

37.8 % Positive

7.3% Negative

54.8% Neutral

6:0towards positives

Neutral 110

Neutral to Positive- Neutrality rising
EOS Score 89

28.4% Positive

3.4% Negative

68.3%- Neutral

6:1 towards positives

Neutral 146

Neutral to Positive-

Neutrality rising

XLM-Stellar Score 81

28.4 % Positive

6.3% Negative

65.3% Neutral

7:0 towards positives

Neutral 171

Neutral to Positive, Positive and Neutrality both rise

 

Just like bitcoin, all other altcoins are is giving a sign of stability and are looking to remain range bound. Eventhough the negatives are decreasing, one would need some strong positives for these coins to break the resistance level. Looks like we are heading into a very stable week and the street would need some solid news for the prices to move on either sides.

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

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Sentimental Analysis for Bitcoin and Altcoins - October 21
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Sentimental Analysis for Bitcoin and Altcoins - October 21
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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.
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Author: Nilesh Maurya

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.

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Nilesh Maurya 690 Articles

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.

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