Sentimental Analysis for Cryptocurrencies- January 06

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Sentimental Analysis for Cryptocurrencies- January 06

Cryptocurrencies are in a very difficult territory where no fundamental or technical indicators are actually affecting the prices but the sentiments of the community. Every news article or a social mention is driving the trend and direction of where the prices are heading to. Majority of this drive is from the sentiments of Bitcoin- the largest cryptocurrency, still, some altcoins have their specific pros and cons that changed 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, Bitcoin is the largest coin that decides most of the trend for the crypto markets and it is necessary to understand what 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 that make Bitcoin an interesting study. An analysis of its social mention and, greed & fear index would give us a clear idea of what is happening.

Analysis Type Tool Analysis- Score Sentiment
#BTC – Hashtag Analysis Keyhole Score: 89

Positives: 52.7 %

Negative: 3.2%

Neutral- 42.1%

Positive to Neutral- Neutral rising
#BTC- Social Media Mentions Social Mention Sentiment 8:1 in favor of positives

With 189 scores towards neutral and 15 in favor of Positives

Positive to Neutral
Fear to Greed Index Alternative.me Score 31–Fear Negative
Fear to Greed Index CNN Money Score 16 – Fear Negative

So Bitcoin, in the New Year, is pretty much range bound and is stabilizing in the range of USD 3800 to USD 4200. The greed and fear index has also moved from the ‘extreme fear category’ to ‘fear category’ as the risk of volatility is reducing. There are chances that the neutral sentiment may take the markets back to USD 4200 before it starts the upward rally.

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 – 89

40.2% Positive

3.4% Negative

56.4%- Neutral

3:1 towards Positives

Neutral 179

Neutral to Positive- Neutrality rising
XRP- Ripple Score 90

22.7% Positive

2.6% Negative

73.7% neutral

7:0 towards Positives

Neutral 16

Neutral to Positive, Neutrality rising
BCH- Bitcoin Cash Score 80

27.6 % Positive

5% Negative

67.4% Neutral

12:1 towards positives

Neutral 53

Neutral to Positive- Neutrality rising
EOS Score 91

24.2% Positive

1.9% Negative

73.9%- Neutral

5:1 towards positives

Neutral 61

Neutral to Positive-

Neutrality rising

XLM-Stellar Score 95

41.4% Positive

1.9% Negative

56.7% Neutral

3:1 towards positives

Neutral 87

Neutral to Positive, Neutrality rises

 

After the positive year-end, most altcoins are in the neutral zone. Like Bitcoin, they are all pretty range bound. Ethereum still leads the pack as it moves back to the second place replacing XRP. XRP remained neutral last week. There isn’t much movement in rest of altcoins but most of them still outperform the stable bitcoin.

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

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Sentimental Analysis for Cryptocurrencies- January 06
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Sentimental Analysis for Cryptocurrencies- January 06
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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.
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Nilesh Maurya 611 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]

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