While doing research on cryptocurrencies, I sometimes bump into great tools to help me find answers to questions I have. Until today I never came across tools that helped me analyse the sentiment around a certain coin or tell me a bit more about which coins are more hyped than others. Those would save me a lot of time and probably would help me making better decisions about when to buy or sell!
Sentiment Analysis
A few years ago I came into contact with sentiment analytics tools. Back then, the use case was understanding customers better based on analyses of the unstructured customer feedback (email, phone calls, social media, review sites etc) and create automatic feedback loops to the right people within the company. In the end leading to better customer experiences and avoiding customer contacts as a result.
The power of sentiment analysis became very clear to me and in the last few years I have been thinking about its applicability in the crypto space. Today I found CoinGossip and I want to share with you some visuals and thoughts.
Gossip Summary
The pie chart above displays the gossip summary, basically telling you which coins people are mostly talk about on your selected channel (Reddit or 4Chan are currently supported). You can see that Ripple, IOTA and Litecoin are the most posted about coins in the last 24 hours. It does not say whether that is in a positive or a negative way though, that is only visible in the table below.
Popularity and sentiment of cryptocurrencies
In the table above you see some of the bigger coins with their sentiment and their ‘gossip’ based on the last 7 days on Reddit posts (you can also select discussions or 4chan posts). For instance, we can see that Nano, Litecoin and Stellar have a positive sentiment and IOTA, Bitcoin Cash and Bitconnect have a negative sentiment. It does not give you any extra details (yet), but it does give you a general impression.
Interesting stuff huh? I'm still playing with the website and trying to understand the underlying logic of the metrics, but I really like it at least so far :-)
I believe that in a two years we’ll see over a hundred websites and services offered like CoinGossip. Probably they will be far more advanced as well compared to the now still very young CoinGossip. Personally I am very excited about this and cannot wait to include it into my standard set of tools to analyse coins and base my buy/sell decisions on.
What are your thoughts on sentiment analysis? Do you think it is a valuable addition to incorporate in your coin research?
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Disclaimer: I am not a financial advisor, trader or developer. I am just a blockchain & cryptocurrencies enthusiast. Make sure you do your own research, draw your own conclusions and do not invest any money that you cannot afford to lose.