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: 87
Positives: 46.7% Negative: 5.6% Neutral- 47.7% |
Neutral to Positive- Positive seem a mild rise |
| #BTC- Social Media Mentions | Social Mention | Sentiment 6:1 in favor of positives
With 169 scores towards neutral and 11 in favor of Positives |
Neutral to Positive |
| Fear to Greed Index | Alternative.me | Score 54–Neutral | Neutral |
| Fear to Greed Index | CNN Money | Score 18 -Extreme Fear | Negative |
Postives backing Bitcoin according according to the mentions on social media. Fear and Greed index is slowly moving towards Greed in terms of rating. CNN Fear and Greed index is still showing Extreme fear which means there is still buying oppotunites in the market as people are fearful to neutral. Still we see continuing stability till we hear some real good news
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 |
19:0 towards Positives
Neutral 160 |
Neutral to Positive- looping to positives |
| XRP- Ripple | Score 86
29.5% Positive 3.4% Negative 67.1% neutral |
6:1 towards Positives
Neutral 173 |
Neutral to Positive, Neutrality rising |
| BCH- Bitcoin Cash | Score 65
20.8 % Positive 10% Negative 69.3% Neutral |
9:1 towards positives
Neutral 180 |
Neutral to Positive- Positives sneaking up |
| EOS | Score 77
27.3% Positive 8.7% Negative 66.0%- Neutral |
23:1 towards positives
Neutral 163 |
Neutral to Positive-
Postives rising |
| XLM-Stellar | Score 91
39.2% Positive 2.6% Negative 58.2% Neutral |
4:1 towards positives
Neutral 184 |
Neutral to Positive, Positive rises |
Its all about BCH which will see a hard fork coming on 15th November 2018. And that positive spillover is seen on all altcoins. It all seems positive for now for alts but still we will have to wait and see how does the fork comes out for the BCH and also if there would be a ceasefire between the currently divided BCH community. Rest all looks flat to positive for all the top altcoins
Will this sentiment actually pull back the prices? Do let us know your views on the same
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.
