Sentimental Analysis for Cryptocurrencies- November 04

sentimental analysis

Sentimental Analysis for Cryptocurrencies- November 04

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: 48.7%

Negative: 4.6%

Neutral- 46.7%

Neutral to Positive- Positive seem a mild rise
#BTC- Social Media Mentions Social Mention Sentiment 8:1 in favor of positives

With 176 scores towards neutral and 16 in favor of Positives

Neutral to Positive
Fear to Greed Index Alternative.me Score 41–Fear Negative to Neutral
Fear to Greed Index CNN Money Score 8 -Extreme Fear Negative

   

Both Fear and Greed Index are looping towards extreme fear and Fear side indicating that the general sentiment would be to sell. But the Keyhole and Social 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

14:0 towards Positives

Neutral 150

Neutral to Positive- looping to positives
XRP- Ripple Score 86

28.5% Positive

4.4% Negative

67.1% neutral

6:1 towards Positives

Neutral 173

Neutral to Positive, Neutrality rising
BCH- Bitcoin Cash Score 65

18.8 % Positive

10% Negative

71.3% Neutral

4:1 towards positives

Neutral 186

Neutral to Positive- Neutrality rising
EOS Score 77

26.3% Positive

7.7% Negative

66.0%- Neutral

8:1 towards positives

Neutral 149

Neutral to Positive-

Neutrality rising

XLM-Stellar Score 91

37.2% Positive

3.6% Negative

59.2% Neutral

6:0 towards positives

Neutral 127

Neutral to Positive, Positive rises but Neutrality dips

 

Most top altcoins are replicating the Bitcoin’s stability although there have been a minor positive push in many. For BCH after a stellar past week now things seem to be getting into neutral territory. Rest all looks stable and unmoved unless something drastically goes positive.

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

Summary
Sentimental Analysis for Cryptocurrencies- November 04
Article Name
Sentimental Analysis for Cryptocurrencies- November 04
Description
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.
Author
Publisher Name
Coingape
Publisher Logo
View comments
Nilesh Maurya 416 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. Reach out to him at 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. Reach out to him at [email protected]

Follow Nilesh @