Crypto market sentiment measure, Sentscore echoes this rising investor confidence because Bitcoin is now holding the number one spot among the top 10 cryptocurrencies by market capitalization. It is also the only coin in the positive sentiment zone at 7.6/10.
Positive investor sentiment has traditionally driven up stock prices, it is no different when it comes to cryptocurrency investments. “We are currently experiencing the most prolonged period of positive long-term sentiment since mid-2017, which led to Bitcoin hitting $20,000”, adds Joshua Frank, co-founder of crypto analytics The Tie .
Positive sentiment drives more public interest. “Momentum is driving momentum,” said Charles Hayter, co-founder and CEO of digital currency data platform CryptoCompare, “rising prices attract news coverage, triggers FOMO (fear of missing out) and attracts buyers to this space.”
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