Sentiment analysis: Best and worst coins of the week

These are the best times to dig through some data, because when the market is bloody, crypto social media seems to be nothing but dissonant noise.

We’re still waiting to see where mighty Bitcoin bottoms out after a rough few weeks of losses, a dive that has taken most of the alt market with it. The consensus from the 100 crypto influencers and traders I track is, well, not good. We’re reaching for our lowest sentiment since I’ve been tracking this.

It may not seem like a lot, but going below -0.3 on a -1 to 1 scale is pretty grim.  Remember, all these folks I follow are crypto believers at their core — it takes a lot to shake them good.

One positive you can take from this chart though — we’ve never stayed this low for long. You have to expect a bounce is coming sooner than later, even if it is short-term.

What’s that mean for the alts? Well, this week I have data on a whopping 470 coins taken from more than 115,000 scraped data points.

But, first things first.

New features!

You’ll notice a few new elements, where available.

• I’m adding the 7-day price change in $BTC from CoinMarketCap for each coin here for some perspective.
• I’ll now be giving a few of the bottom coins by power rating. I figure it’s worth taking a look to see if any of these coins/tokens are nearing a bottom.
• Lastly, where I have data, you’ll now see a line chart showing the power rating for each coin featured over the last several weeks.

I’m continuing to workshop things, add things and change them as I go along. I’m working hard on getting a website together so you’ll all be able to review all these graphics and data for every coin I track.

The Top Alts

These coins had the highest overall power rating for last 14 days, which is compiled using a weighted formula combining sentiment, volume of mentions and total number of unique influencers who mentioned it.

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Bottom Dwellers

These coins are some notable coins that are among the lowest coins by sentiment in recent weeks. I’m beginning to post these in case folks are looking for coins that may be reaching a bottom. I’m hand selecting these, as they’re all fairly prominent coins that always have good volume.

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.