Analysis: 14 coins with sizzling sentiment heading into this week

When I sit down to write these weekly posts, it always seems like we’re right on the precipice of something big.

Maybe I should stop writing them at the start of the trading week.

Both Bitcoin and the Alt markets had very good weeks after very bad stretches and now we’re all left wondering if they were the start of something, or just a pile of dead cats.

My sentiment analysis of nearly 150 crypto influencers and traders show most are pretty split too.

Note: The chart above shows sentiment for $BTC and a combination of the top 20 Alt coins/tokens as of this writing on CoinMarketCap. 

There’s no denying that people feel pretty good about the Alt market hitting some kind of bottom after a miserable start to the month. And there are more big market cap Alts at the top of my rankings this week, which I view as a positive sign as these coins have more broad sway on the market in general.

But sentiment on Bitcoin turned bearish over the weekend, and it’s hard to imagine $BTC making a move south without taking the Alts with it.

As I’ve written before, the broader sentiment on $BTC seems to be that folks do not believe we’re out of the bear market yet. And, if anything, the sentiment pattern looks closest to what we saw in the first and third weeks of June, when we had decent short-term stretches followed by big drops.

Everything’s a risk in this space, but stay vigilant if you’re in on Alts. Even the best of them have a hard time withstanding a big $BTC drop.

The Top Alts

These coins/tokens had the highest power rating in my analysis this week. The power rating is a weighted calculation taking into account sentiment, volume and the number of unique users who mentioned a coin. Generally, I eliminate any coins mentioned by less than 3 individual people as I don’t feel it would be representative of a trend.

You can always find my methodology at the bottom of my posts or pinned to the top of my Twitter page, where you can also find a legend for my charts.

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The data

As always, here is all the data I compiled for this week.

Methodology

Each week, I scrape the Twitter accounts of some of the crypto world’s favorite influencers, traders and TA folk. I run a sentiment analysis to see which coins they are mentioning positively, neutrally and which they are mentioning in a negative light.

I also take in data on unique influencers, retweets, favorites, volume and strength of feeling in sentiment.

I calculate power by through a weighted formula that takes into consideration volume, number of unique influencers and sentiment. The higher the score, the better, the lower the worse.

This isn’t financial advice, just my own way of trying to make sense of what’s out there. And as with most things, the more data I collect, hopefully, the more interesting it’ll be. This is a work in progress. Please leave suggestions on how to make it better. I imagine if I keep up with it, I’ll be able to expand a bunch of the analysis, but I wanted to start somewhere.