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: 37.8% Negative: 5.6% Neutral- 56.7%	Neutral to Positive- Sharp decline in positives
#BTC- Social Media Mentions	Social Mention	Sentiment 1:1 in favor of positives With 33 scores towards neutral	Extreme Neutral
Fear to Greed Index	Alternative.me	Score 26–Fear	Negative to Neutral
Fear to Greed Index	CNN Money	Score 10 -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 with a meltdown already behind us, Bitcoin is available at some attractive valuations. On the other side,things are still unclear with respect to hash wars and hence the sentiment is pretty neutral on the other indicators

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 – 87 43.4% Positive 6.1% Negative 50.5%- Neutral	11:1 towards Positives Neutral 174	Neutral to Positive- Dipping Positives
XRP- Ripple	Score 87 37.6% Positive 5.5% Negative 57.0% neutral	13:1 towards Positives Neutral 82	Neutral to Positive, Positive Rising
EOS	Score 78 33.4% Positive 9.3% Negative 57.3%- Neutral	11:1 towards positives Neutral 108	Neutral to Positive- Neutrals moving to positives
XLM-Stellar	Score 98 44.8% Positive 0.5% Negative 54.7% Neutral	9:1 towards positives Neutral 62	Neutral to Positive, Positive rises sharply

*BCH forked – No enough data for the two available forks

Bitcoin Cash underwent a fork this week the meltdown before that has bought most coins to attractive levels. This has led to the sentiment of altcoins turning positive. Apart from Ethereum which has recently moved to third place still has some negative sentimental pressures, the rest of the coins have a sentimental positive.

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