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Sentimental Analysis for Cryptocurrencies- December 09

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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.

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: 82

Positives: 37.4%

Negative: 8.0%

Neutral- 54.5%

Neutral to Positive- Neutrals rising
#BTC- Social Media Mentions Social Mention Sentiment 14:0 in favor of positives

With 75 scores towards neutral and 23 in favor of Positives

Neutral to Positive
Fear to Greed Index Alternative.me Score 14–Extreme Fear Negative
Fear to Greed Index CNN Money Score 11 -Extreme Fear Negative

 

Although BTC is seeing some pressure on the downside, there is still some positive sentiment building up due as Bitcoin is now available at lucrative valuation. Both greed and fear index bend towards extreme fear territory, it’s still difficult to gauge where the floor price is. Also, there is some news building up of institutions entering the crypto space which is also keeping up the sentiment slightly neutral to positive.

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 – 81

32.1% Positive

7.2% Negative

60.7%- Neutral

24:0 towards Positives

Neutral 61

Neutral to Positive- Neutrality rising
XRP- Ripple Score 79

32.7% Positive

8.3% Negative

59.0% neutral

2:0 towards Positives

Neutral 81

Neutral to Positive, Neutrality rising
BCH- Bitcoin Cash Score 65

18.8 % Positive

10% Negative

71.3% Neutral

6:0 towards positives

Neutral 23

Neutral to Positive- Positives rising
EOS Score 77

26.3% Positive

7.7% Negative

66.0%- Neutral

3:1 towards positives

Neutral 20

Neutral to Positive-

Neutrality rising

XLM-Stellar Score 91

37.2% Positive

3.6% Negative

59.2% Neutral

4:0 towards positives

Neutral 66

Neutral to Positive, Positive rises but Neutrality dips

 

Most of the altcoins are still in the neutral territory as they seem to be following the BTC sentiment. With prices still dipping for altcoins, they too seem to be nearing the support zones where valuation looks attractive. Apart from Ethereum, none of the altcoins mentioned have any major negativity against them and a slight positive news could cheer the sentiment for these coins.

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

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