For investors trying to predict market movements, the more data that can be analyzed the better. Trend analysis and fundamental analysis are a starting point, but there are other clues scattered across the web which lie outwith conventional search parameters. One of these, social analysis, involves discerning the general sentiment towards cryptocurrencies on public networks such as Twitter. One bot does just that on an hourly basis, revealing which coins are feeling the love and which are receiving hate.
Social Analysis Reveals Market Sentiment
Twitter is full of bots. While some of of them are malevolent, spamming users and spreading fake news, others are extremely nifty. Watson’s Reports is a bot that provides hourly updates on what people are saying about cryptocurrencies on Twitter. The trend analysis bot, developed by data analyst Crypto Watson, highlights the most talked about cryptocurrencies. It also analyzes the prevailing sentiment to reveal which coins have the most positive and negative mentions.
The most recent hourly at the time of publication shows bitcoin predictably out in front with over 3,000 mentions. Waves (1,491), ethereum (1,407), and ripple (1,030) follow. Below that come the likes of litecoin, neo, verge, tron, stellar, and bitcoin cash. While bitcoin invariably leads, other cryptos enter and exit the top 10 depending on whether they’re in the news. But just because someone’s talking about a cryptocurrency doesn’t mean they’re holding it or planning to invest. In fact, several of the most popular coins are also the most hated.