In this post we would like to show one way of how to use comparison tools in BittsAnalytics. In periods of sideways movement in prices or downturns, the relative outperformance or underperformance of one cryptocurrency in comparison to another becomes much more important. Any tools or data that can help you with relative selections provide potential added value.
As an example we chose the comparison between two of the biggest cryptocurrencies, Bitcoin and Ethereum. The data we are interested in are daily tweets mentions of both as well as sentiment calculated with machine learning from tweets about them. As you can see in the chart below, Ethereum has opened a gap in sentiment on 9th January and maintained it since then. Since that time Ethereum has outperformed Bitcoin by around 40 percentage points. Note that Bitcoin substantially increased the lead in tweets mentions but still lagged behind in price. So the buzz itself is not necessarily indicative of the price direction, the sentiment of buzz seems to matter though.
The use of sentiment analytics for relative selections is just one of many ways you can improve your cryptocurrency trading with our BittsAnalytics platform. You can find more examples here: http://www.bittsanalytics.com/blog/category/bittssignals/ or you can start using BittsAnalytics platform by becoming our user: https://www.bittsanalytics.com/subscribe.php
Bitcoin sentiment determined with machine learning from tweets cooled down yesterday. BTC sentiment is now on similar level as on 18th January. And the price is also where it was approximately on those dates. After the rebound of Bitcoin from lows two weeks ago the rally has stalled both in sentiment as well as in price.
If you want to use data like this as an additional source of information to improve your cryptocurrency trading, you can get it at our platform www.bittsanalytics.com.
We track millions of social media posts and use machine learning to determine sentiment for 200+ of cryptocurrencies. Sentiment and other social media data can often greatly help you in cryptocurrency trading. E.g. the most recent big decisions were 1) should you go back in market (if you decreased positions before) and 2) if yes then when to do it. We track hourly sentiment for Bitcoin determined with machine learning from tweets, see the chart below. And came to the conclusion that a very good reentry point was on 17th January 9am UTC time since the sentiment showed that the worst seemed to be over for Bitcoin. The price at that point was around 10.500 USD so it was a good point for (re)entry. Bitcoin has rallied about 20% since then.
Tweets mentions and sentiment are often ahead of the price and you can start using sentiment and tweets mentions data like this to improve your cryptocurrency trading by using our platform www.bittsanalytics.com.
We track millions of social media posts and use machine learning to determine sentiment for 200+ of cryptocurrencies. Our platform allows many analysis including comparisons and in the chart below you can find the sentiment comparison between Bitcoin and Ethereum. It is quite interesting to see how during the latest downturn it seems that the Bitcoin was mostly mentioned in the negative posts and thus bared the brunt of negative comments. On the other hand it got a lot of free publicity as well.
If you want to know how you can improve cryptocurrency trading with sentiment and other data from social media read our blog posts:
We track millions of social media posts and use machine learning to determine sentiment for 200+ of cryptocurrencies in real-time. An interesting happened yesterday regarding the sentiment of cryptocurrencies, most had their sentiment fall.
See examples, first Bitcoin:
Sentiment is often ahead of the price and you can start using sentiment data like this to improve your cryptocurrency trading by using our platform www.bittsanalytics.com.
We track millions of social media posts and use machine learning to determine sentiment for hundreds of cryptocurrencies in real-time. Below is real-time sentiment of tweets for Bitcoin in the last period. The real-time sentiment of Bitcoin had a great sentiment collapse on 20th December at 13 (UTC time). As we have already posted in other such cases in the past this means a major warning and bearish signal for the price and indeed the price of Bitcoin has since then fallen from around 18.000 USD to current price of 15.500 USD for a negative return of almost 10%. [Edit: since writing this post on 21th December the losses of Bitcoin extended with price falling below 12000 USD so we avoided even greater negative returns of over -30% with the use of our sentiment data. ] Our sentiment was again proven outstandingly correct – read more about many past great trading signals like this in our blog posts. And you can start profiting from it immediately by subscribing to our platform at www.bittsanalytics.com.
We track millions of social media posts and use machine learning to determine sentiment for hundreds of cryptocurrencies in real-time. With Bitcoin and Ethereum as the largest cryptocurrencies it is interesting to track relative trends about them in social media. Below you can find the chart showing sentiment and number of tweets with mentions of Bitcoin or Ethereum. We find it fascinating that Ethereum has not only closed the gap to Bitcoin in terms of number of tweets and also took a lead in sentiment a couple of days ago. This should be a bullish signal for Ethereum. If you want to track comparisons like that, set up tracking portfolios, get real-time sentiment trading signals, ICO analytics and much more subscribe at www.bittsanalytics.com.
On 1st of December there was a great surge in Bitcoin sentiment that we calculate daily from thousands of tweets about Bitcoin. Usually this means a very bullish signal and again this proved correct – Bitcoin has risen since then by more than 60%.
We track millions of social media posts and use machine learning to determine sentiment for hundreds of cryptocurrencies in real-time. Below is real-time sentiment of tweets for Bitcoin over the last ten days. The real-time sentiment of Bitcoin suddenly made a major sentiment reversal in the evening of 12th November. As we have already posted in other such cases in the past this means a major signal for the price and indeed the price of Bitcoin has since then rallied from 5998 USD to 8179 USD for a gain of 36% in just one week. Another great BittsSignal from our real-time sentiment at just the right time. For other similar examples of how our real-time sentiment helped in recent upturns and downturns of Bitcoin and other cryptocurrencies see our BittsSignals posts. You can get access to real-time sentiment and many other advanced information about hundreds of cryptocurrencies by subscribing to our BittsAnalytics platform. More information is available at our website www.bittsanalytics.com
Serious losses in the last 24 hours for cryptocurrencies, apart from Bitcoin Cash and a few others: