April was a nostalgic month.
The charts were blooming a beautiful green. Bitcoin was stable. And for the first time since January, you could wake up with the reasonable expectation that you hadn’t lost half your stash to a 4AM flash crash.
Picking winners out of an almost universally good month for Alts is no easy task, so today I’m going to look at things a bit differently.
Throughout April, I tracked the social media presence of 40 crypto influencers and traders, collecting data anytime they mentioned a specific coin or token and whether or not they discussed it in a positive or negative light.
Overall, I compiled data on 272 different cryptocurrencies from 2,908 separate mentions. Some clear winners emerged, but I noticed that a handful of coins that weren’t necessarily in the top 10 had a unique quality — they received no negative sentiment.
For lack of a better descriptor, I’m going to call these sentiment gems. Each of these coins received at least a dozen separate mentions from multiple members of my cohort of influencers and traders, and not one said a negative thing about them.
Some are household names in crypto, some are popular in several circles, and some are off the beaten path. So let’s separate them into two categories: Those with market caps above $100 million USD, and those below.
The charts farther down the page show each of these coins sentiment, and how it grew during the course of the month.
For me, $VEN and $WAVES are the real standouts here. In terms of volume of total mentions, both landed in the top 10 percent. It’s pretty remarkable to be discussed on a near daily basis for a month and never have a negative outlook pegged to you.
$DRGN is also something of a sleeper. While it certainly has a following, with a market cap above $250 million as of this writing, it’s still not on many exchanges. You have to figure that will change sooner or later, which would likely be a boon to the price.
The second group is certainly more in the high risk-high reward category. Small-cap coins can be incredibly volatile and it’s difficult to know if one will catch fire.
$LUX certainly has a lot going for it. It had a great month, it has an active team and it brought on John McAfee as an advisor. It’s pricey at more than $10 as of this writing, but with a current supply of less than $5 million coins and a market cap under $20 million USD, additional volume could push that up quick.
$SENT and $HKN are more affordable and both have market caps. $SENT was among my top coins for the week in late April, and ended up outperforming the market more than any other coin on the list.
The potential is certainly there. Trade safe.