Analysis: 11 Alts with the hottest sentiment heading into this week

It’s been that magical time that comes along every so often and sentiment seems a bit rosier.

Bitcoin has actually been stable for a few days, which has allowed many Alts to blossom, in some cases dramatically so (I’m looking at you $VIBE).

Before you get all excited that Alt season is back, though, always keep in mind that these spring ups have happened occasionally over the last few months and have been relatively short-lived.

Let’s look at the market charts.

Sentiment on Alts is high, as you’d expect it to be with a really green weekend for a lot of currencies and tokens, especially those with smaller caps.

$BTC has continued to remain in positive territory this month, and base on the pattern so far, we’re not in dire straits yet.  Recently, Bitcoin has taken a dive when sentiment has peaked and things get a bit overbought.

We had a couple of dips this weekend that were quickly bought back up, but that dinged sentiment. We do seem to be approaching a decision point, with many of the 154 influencers and traders I follow saying a push above $6,600 USD needs to happen soon to continue the bullish run. Will speculation over the Securities and Exchange Commission’s upcoming decision on the much-vaunted ETF be enough?

In the meantime, there’s no strong indication that we’ve escaped the bear market yet.

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’s all the data I collected 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.