Analysis: The top 14 altcoins to watch this week in the dry market

Every I write one of these on a Sunday night and Bitcoin hasn’t moved, it gets a little more stressful.

But here we are. Another week, another period of near no movement for $BTC.

And things have gotten a little quieter among the 150+ influencers and traders I follow. Most have stated opinions at this point, but aren’t posting about them as much because, well, we’re all just waiting.

You can see this pretty clearly on my market sentiment charts.

We’re pretty much dead even for $BTC sentiment, after riding high for most of the previous week.

That’s been mixed, but mostly positive news for the alts. And as long as we stay put in this increasingly tight range, I don’t see why that wouldn’t continue.  But sooner or later, this tightening Bitcoin channel is going to break, and it’ll probably be pretty dramatic when it does.

So if you’re going to dive into the Alts, do it with care.

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.

One important note: Pay close attention to the previous week’s price action. High sentiment can indicate both a possible move or a possible peak in price, however temporary. I’ll be adding signals soon to indicate this, but be wary of any coin with a major price shift in the last week. 

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The Data

As always, here is 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.