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Analysis: Coins with high sentiment but more than 90% from all-time highs

In a new analysis, Remy Stephens explores cryptocurrencies with strong community support despite drifting nearly 90% from their all-time high.

Written by Remy Stephens Published on

Crypto has not been kind to most Alt-coins in 2018.

Well, 2018 after mid-January.

But for some HODLers, it’s been downright brutal. Dozens of Alts are now more than 90% off their January highs, and every glint of hope seems to be wiped out by another monster red candle.

Last week, I took to Twitter to take a closer look at these coins in particular, posting any and all coins I could find that were more than 90% off their ATHs but still had positive sentiment.

This week, I’m expanding on that. I went through my data going all the way back to the end of May to see which coins have been able to sustain a monster beating, but remain gems in the eyes of the nearly 150 crypto influencers and traders I follow.

Note: I know I don’t have every 90%+ drop coin here. If you’re looking for something that isn’t there, just tweet me

The chart above shows the about two dozen coins I found that had been whipped back more than 90% from their January highs and plots them based on Sentiment on a 1-100 scale as well as my power rating, which takes into account volume and number of influencers as well.

Now, if your favorite coin is in the red, it doesn’t mean it’s game over. But it does show that some of these coins have seriously lost some luster.

Take $ICX, for example. It’s a big market cap coin with a lot of support and a working product. It was a social media darling for the first five months of the year, even as the market crashed.

But it’s only seen a green candle on the weekly once in the last 10 weeks, and that one wasn’t exactly convincing.  That takes a toll on confidence.

But some of these coins show some remarkable resiliency. The coins/tokens below are the five that rate highest:

Bloody Gems

5. XTRABYTES ($XBY) –

Down 96%; Power Rating: 74.5

4. REDDCOIN ($RDD) –

Down 91%; Power Rating: 75

3. SIACOIN ($SC) –

Down 93%; Power Rating: 78.5

2. ZCOIN ($XZC) –

Down 90%; Power Rating: 80.25

1. SOLARIS ($XLR) –

Down 96%; Power Rating: 81.75

 

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.

Start trading cryptocurrency with Coindirect.

Written by

Remy Stephens is a longtime data journalist from the U.S. who became mildly obsessed with cryptocurrency in 2017. More of his sentiment analysis can be found on Steemit. @FomoCryptoDojo

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