Analysis: The top coins by sentiment heading into August

Being an alt-coin bag holder these days feels like waiting for a bus you’re not sure is coming.

When $BTC finally turned bullish last month, it seemed inevitable that alt-coins would follow the pattern this year of coming to life a few weeks later.

So far, largely, that hasn’t happened. In fact, some of the highest cap coins have continued an uninterrupted slide that started back in May.

So what gives? Well, as we’ve discussed before, the turnaround in $BTC’s sentiment hasn’t been terribly dramatic, an indication that the nearly 150 traders and influencers I follow for my analysis aren’t convinced the bear market is over. So let’s start there.

This is a risky time to be trading, because it’s pretty clear we’re waiting for $BTC’s next move. Sentiment has remained fairly positive, but the currency’s dip in recent days has more people hedging their bets and tamping down the recent bullish energy.

This is indicative of indecision and hesitance among prominent traders, which could have major implications for the alt market.  The lesson? Be extra careful, because a break downwards could be steep and further crush the already weak alt market.

The Top Alts

In my analysis, these coins/tokens had the highest power rating for the month of July, which is a weighted calculation taking into account sentiment, volume and the number of unique users who mentioned a coin.

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 collected this month.

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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.

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Written by Remy Stephens

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