Sentimental Analysis – BTC Remains Neutral while Altocins see a Sharp Rise in Positivity

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 by 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 is 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

All indicators for Bitcoin this week show increasing neutral positive sentiment. Although the negativity is slowly creeping up but its still pretty flat and stagnant to provide any dangers. Neutral sentiment seems to be hanging here till bitcoin gives out some breakthrough which in current scenario looks like a approval for bitcoin RETF.

Also, read: SEC Pulls Stings on ICO’s Issues Investors Alerts

Altcoin sentimental analysis

Fear and Greed index is only available for BTC as not may altcoins have all components required to calculate it

Altcoins, pretty surprisingly, show a rise of positivity in them. Most coins above have seen dips in Negative sentiment clearly showing that there is growing interest of people in them. There could be predictive buy in them as most of them languish is oversold category

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