Todays Cryptocurrency Sentiment
Since Bitcoin is back up to $60k, I decided to run my crypto sentiment analysis bot and see how the market feels today, and determine whether there is any strong correlation between the price movement and the overall community sentiment.
As my basis for measurement, Im analysing data from the reddit.com/r/cryptocurrency subreddit. There generally tends to be less hype and very little (to no) memecoin shilling, so its a fairly clean dataset in that respect.
The bot takes into account post titles and post descriptions from the Hot category. For those unfamiliar with Reddit, posts in Hot are typically higher quality as they have been received positively by the community.
The bot is Open Source and can even place trades on sentiment signals, so feel free to check that out on my GitHub.
Without further ado: here are todays Sentiment Values, Ill keep it nice and short.
The sentiment values range between -1 and 1, with -1 being extremely negative and 1 being extremely positive. Ive also highlighted the cells so defining notable thresholds.
On average, the sentiment seems fairly positive, however altcoins seem to have a more positive sentiment than Bitcoin, which sits at 0.17. This is only slightly positive.
Ethereum is a bit more positive with 0.29 but still relatively reserved. If this article gets 200 claps, Ill probably start doing quick daily sentiment updates, so make sure to clap and follow me if you would like to see that! Now go touch grass.
Finally, if youre into Algorithmic tradingcheck out algorithmic cryptocurrency trading platform Aesir! Aesir is a state-of-the-art trading platform that allows you to build complex crypto trading bots and maximise your gains.
Thank you for reading!
Enjoyed this article?
Sign up to the newsletter
Youll receive more guides, articles and tools via e-mail. All free of course. But if you value this blog and its educational resources, you can subscribe to become a paid member for only $3 a month. This will keep the website open and free.
The post Todays Cryptocurrency Sentiment appeared first on cryptomaton.
Read more: https://www.cryptomaton.org/2024/09/14/todays-cryptocurrency-sentiment/
Text source: Automated Cryptocurrency Trading
