Every week we provide sentimental analysis for bitcoins and other altcoins. Every news article or social mention is actually driving the trend and direction of where prices are headed. Although most of the sentiment derives from the sentiment of Bitcoin, the largest cryptocurrency, some altcoins have their specific pros and cons that change their variance from that of Bitcoin. Let's take a look at the few indicators used extensively to determine sentiment.
Sentimental analysis of Bitcoin
As mentioned is the largest currency in the market that decides most of the trend for crypto markets it is necessary to understand what feeling is gained among the community. A lot of news and sales have dampened the short-term sentiment, but yes, there are some long-term positives that make Bitcoin an interesting study. An analysis of his social mention and of the index of greed and fear would give us a clear idea of what is happening.
"While the two analyzes show a neutral indication to that positive, the fear of Greed Index moves to the side of fear, meaning investors are too worried, which will lower the price, which in a sense is a sign that buying opportunities may soon arrive. " Also, read: Who Will Drive the Bitcoin Price, bulls or bears? A comprehensive sentimental analysis of BTC
The sentimental analysis of Altcoin
The index of fear and greed is available only for BTC since not all altcoins have all the components necessary to calculate it .
"Even with falling prices, the feeling of social media with most of the altcoins like Bitcoin is neutral compared to the positive one. withdrawal of prices after this sentimental correction. "
Does this sentiment actually reduce prices? Let us know your opinions on the same
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.
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