Sentimental Analysis for Cryptocurrencies- October 28
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: 92
Positives: 45.0% Negative: 2.4% Neutral- 69% |
Neutral to Positive- Neutrals rising |
| #BTC- Social Media Mentions | Social Mention | Sentiment 9:1 in favor of positives
With 167 scores towards neutral and 9 in favor of Positives |
Neutral to Positive |
| Fear to Greed Index | Alternative.me | Score 35- Fear | Neutral to Negative |
| Fear to Greed Index | CNN Money | Score 7 – Extreme Fear | Negative |
The fear on the street seems to be rising and seems like there could be a sell off. But Bitcoin stability is good enough to keep everything in control. USD 6300 wont be breached unless something drastically goes wrong. Looks like neutrals will continue to rise as bitcoin stability continues.
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
37.2% Positive 3.2% Negative 59.6%- Neutral |
21:1 towards Positives
Neutral 156 |
Neutral to Positive |
| XRP- Ripple | Score 85
33.3 % Positive 5.7% Negative 60.9% neutral |
5:1 towards Positives
Neutral 162 |
Neutral to Negative, |
| BCH- Bitcoin Cash | Score 91
33.3% Positive 3.2% Negative 63.5% Neutral |
8:0 towards positives
Neutral 119 |
Neutral to Positive |
| EOS | Score 91
29% Positive 2.5% Negative 68.5%- Neutral |
8:1 towards positives
Neutral 150 |
Neutral to Positive |
| XLM-Stellar | Score 82
36.8 % Positive 8.0% Negative 55.2% Neutral |
7:0 towards positives
Neutral 127 |
Neutral to Positive, |
All altcoins are showing the same stability what Bitcoin is showing. Everything stands neutral with a positive outlook though. It doesn’t look like moving either ways for any of the coins unless something drastically changes.
Will this sentiment actually pull back the prices? Do let us know your views on the same
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