Coingape - 2/10/2019 9:42:14 PM - GMT (+0 )
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. 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.
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: 54.7 % Negative: 4.2% Neutral- 41.1% |
Positive to Neutral- Positives rising |
#BTC- Social Media Mentions | Social Mention | Sentiment 8:1 in favor of positives
With 15 scores towards neutral and 172 in favor of Positives |
Positive to Neutral |
Fear to Greed Index | Alternative.me | Score 42–Fear | Negative |
Fear to Greed Index | CNN Money | Score 61 -Greed | Positive |
So Bitcoin is forming a base close to 3600 and that is what keeps the sentiment neutral to positive. The greed and fear indexes are still showing divergent views of fear and greed indicating the non-decisiveness and cautiousness in the market all though things are improving
Altcoin Sentimental AnalysisFear 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
38.2% Positive 4.4% Negative 57.4%- Neutral |
15:1 towards Positives
Neutral 62 |
Neutral to Positive- Positive rising |
XRP- Ripple | Score 90
23..7% Positive 2.6% Negative 73.7% neutral |
2:1 towards Positives
Neutral 108 |
Neutral to Positive, Neutrals rising |
BCH- Bitcoin Cash | Score 80
29.6 % Positive 7% Negative 63.4% Neutral |
7:0 towards positives
Neutral 19 |
Neutral to Positive- Neutrality rising |
EOS | Score 91
21.2% Positive 1.9% Negative 76.9%- Neutral |
8:1 towards positives
Neutral 100 |
Neutral to Positive-
Neutral rising |
XLM-Stellar | Score 95
43.4% Positive 1.9% Negative 54.7% Neutral |
1:1 towards positives
Neutral 148 |
Neutral |
Sentiment for most of the altcoin has been neutral to positive as most coins remain range bound. The only standout here is Ethereum which has seen some sharp rise in price due to some positive sentiment. XLM has gone extreme flat on sentiment turning neutral completely.
Will this sentiment actually pull back the prices? Do let us know your views on the same.
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