bitcoin

Sentimental Analysis for Bitcoin and Altcoins – September 16

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: 45.0%

Negative: 4.1%

Neutral- 50.9%

Neutral to Positive- More negative coming
#BTC- Social Media Mentions Social Mention Sentiment 10:0 in favor of positives

With 114 scores towards neutral and 10 in favor of Positives

Neutral to Positive
Fear to Greed Index Alternative.me Score 28 – Fear Neutral to Negative
Fear to Greed Index CNN Money Score 73 -Greed Neutral to Positive

   

All indicators are pointing towards neutrality with a slight positive loop. Both fear and greed index are still pretty divergent again showing that the market is pretty confused. ETF is still a bay although a lot of announcements of various products by Wall Street Banks should bring some relief even though there is a long way for these products to become.

Also, read: Gold Mining Uses Far More Energy that Bitcoin Mining – Long Hash Analysis

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 – 92

45.2% Positive

3.6% Negative

51.2%- Neutral

19:0 towards Positives

Neutral 161

Neutral to Positive- looping to positives
XRP- Ripple Score 74

23.8 % Positive

8.1% Negative

68% neutral

12:1 towards Positives

Neutral 164

Neutral to Negative, Neutrality returning as negatives go down
BCH- Bitcoin Cash Score 59

24.7 % Positive

16.9% Negative

58.4% Neutral

12:1 towards positives

Neutral 14

Neutral to Positive- Negative shot up sharply
EOS Score 84

23.5% Positive

4.2% Negative

72.3%- Neutral

12:0 towards positives

Neutral 18

Neutral to Positive
XLM-Stellar Score 80

36.8 % Positive

8.8% Negative

54.4% Neutral

2:1 towards positives

Neutral 32

Neutral to Positive, Positive and Negative both rise

 

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 BCH, EOS and XLM negatives seem to be rising as no major news was built around these coins. In fact, the mentions of these 3 altcoins were seen at a multi-week low.

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 - September 16
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Sentimental Analysis for Bitcoin and Altcoins - September 16
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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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About Nilesh Maurya 304 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.