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Editorial

Analysis: Did the ‘Coinbase 5’ top sentiment rankings this week?

In this week’s sentiment analysis, Remy Stephens explores the sentiment behind Coinbase’s potential new additions Cardano, 0x, Zcash, Stellar Lumens, and Basic Attention Token.

Written by Remy Stephens Published on

If I gave you five chances to name coins on this week’s top 11 by sentiment and you didn’t get at least four, you need to #DYOR like a champ before you read any further.

Not surprisingly, after Coinbase announced it was exploring adding five cryptocurrencies in some form or another, those coins ended up having some pretty positive sentiment.  Four of the five made my top 11 picks, based on analysis of the 135 crypto traders and influencers I follow.

I rank my coins based on a weighted formula combining of sentiment, volume and unique influencers mentioning them and only Zcash didn’t make the cut.  They didn’t have perfect scores by any means, but plenty of people were talking about them and mostly in a positive light.

That said, none of them cracked the top three, and they weren’t the only coins getting attention this week.

But let’s start with Bitcoin first.

Bitcoin isn’t in any worse shape than it was last week, in fact it had a pretty decent weekend.

Sentiment has been neutral to positive through much of July, but there remains nothing in the data indicating we’re out of the bear market yet.  Sentiment peaks have been getting lower and lower over the past several days, which is similar to how market sentiment behaved before we bottomed out at the end of June.

$BTC has been printing higher lows since then, but there’s nothing in the sentiment data suggesting we’re poised to break out. Moreso, people seem to be cautiously enjoying the relative stability July has brought us.

As always, be mindful of $BTC’s movements. You’ll be sorry if you aren’t.

The Top Alts

The coins below scored the highest on my power rating, which is a combination of volume, unique influencer mentions and sentiment.

11.

10.

9.

8.

7.

6.

5.

4.

3.

2.

1.

 

The Data

Y’all are going to have to hang tight on this one. The server I keep my data on went down while I was writing this, so I’m going to have to come back to this in the morning.

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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