The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
It’s been a full week since Coinbase announced it was exploring adding five cryptocurrencies to its much sought after platform.
We’ve all had a chance to laugh, cry and dunk on Ripple supporters.
But I’ve been curious to see how sentiment would change for $ADA, $BAT, $XLM, $ZEC and $ZRX in the days following the announcement. Coinbase did not say it would add any or all of the coins, and even indicated it could add some in a limited capacity.
So I’ve collected a week’s worth of sentiment data on each from the now 149 crypto influencers and traders I track each week, in hopes of starting to separate the wheat from the chaff.
I was surprised by two things:
- That the results were not blisteringly positive across the board
- How frequently and quickly sentiment pushed negative for some of the coins.
Here are how each of the ‘Coinbase 5’ stack up, ranked from lowest average sentiment to highest.
5. $ZEC – Average Sentiment: -0.05
A lot of people who hold sway on social media do not like $ZEC. I’ve never quite understood why this is — I’m still relatively new to the space — but the announcement of its possible addition to Coinbase did not change this. It was the only coin to average a net negative sentiment over the last week.
4. $XLM – Average Sentiment: +0.08
The distance between #4 and #3 is minimal, but $XLM was pretty slow out of the gate. Stellar Lumens had a big run in the last few days, though which helped it finish strong. It has good community support, but also has the highest available currency supply of any of the coins on this list by a country mile, which could limit its overall upside.
3. $ZRX – Average Sentiment: +0.083
People have been peddling $ZRX-to-Coinbase rumors for months now, so its no surprise to see it among the five possible additions. $ZRX has been one of the best performing coins of the year thus far, but it came in hot and may need a bit of cooling off before the price tries to push up again.
2. $ADA – Average Sentiment: +0.09
It’s no surprise to see $ADA near the top of the pile: It’s been one of the most hyped crypto products since its launch. Coinbase clearly likes what they’re doing and, for now, it remains the most affordable offering on this list. As of this writing, it was still trading 85 percent below its January highs, despite major gains on the week.
1. $BAT — Average Sentiment: +0.127
$BAT has taken the crypto world by storm in recent weeks and was one of the hottest coins on the market before the Coinbase announcement. It’s had to slow its motors a bit since then, but has become the apple of the eye of many crypto traders in recent weeks. Getting added to Coinbase ain’t gonna hurt that.
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.