Sentimental Analysis for Bitcoin & Altcoins- September 09

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

While the two analysis shows a neutral to the positive indication, the Fear of Greed Index loops towards the extreme fear side signifying investors are too worried. These worries are creating opportunities to buy. The market had entered the oversold territory with the Goldman Confusion but eventually, the sentiment is turning positive after the FUD cleared out.

Also, read: Bitcoin, Ethereum, Ripple Price Analysis for the Week August 27 to September 02

Altcoin sentimental analysis

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

The Goldman confusion, like Bitcoin, even pulled down the Altcoin. Ether had its own problem with Buterin’s pessimistic Growth Projection for Ether bring it to an oversold category. But, even with falling prices, the social media sentiment with most altcoins just like the Bitcoin is neutral to positive signifying there could be a pullback in prices after this sentimental correction.

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