on March 12, bitcoin was down.3, after rocketing up by 1,289 in 2017. Extreme, bitcoin price calls claiming 1,000 is around the corner, or that 3K would break in the same manner 6K did, were great examples of how trading contrary to sentiment can work in ones favor. The respective figures for the S P 500 are gains.1 YTD and 19.4 in 2017. (For related reading, see also: More Evidence That Cryptocurrencies Are a Bubble? These sophisticated indicators are demanded by investors seeking to maximize their returns. It wasnt uncommon to see comments in Reddits r/BitcoinMarkets daily discussion thread read no way it doesnt break 20,000 soon. Also see: As Issues Arise, MoneroV Fork Is Postponed for 6 Weeks. Binance Announces 'Binance Chain' to Back New Decentralized Exchange. (For more, see also: Bloodbath in Crypto Markets and Bitcoin Price on Fears of Government Crackdown.
when risk-loving investors lose their appetite for the highest-returning, most volatile, most speculative assets, a more generalized downturn in asset values often follows, the Journal observes. The trmi service tracks sentiment over a range of asset classes.
How Does Social Sentiment Affect the Bitcoin Market
As investors continue to seek an information edge in the markets, more sophisticated data services backed by advanced analytics and technology are becoming increasingly commonplace. Investopedia Anxiety Index (IAI), our millions of readers worldwide remain very concerned about the securities markets. The press release states that the new MarketPsych Indices, which it operates in partnership with behavioral research firm MarketPsych Data LLC, will track and analyze market sentiment on over 400 news and social media sites, many of which are crypto-related. Crypto Market Sentiment Can Be a Contrarian Indicator. But Nicholas Colas, the co-founder of DataTrek, told the WSJ that the correlation is strongest when both bitcoin and stocks are falling. Yes, say some investment professionals, including two chief investment officers (CIOs), as"d by The Wall Street Journal. Its latest release (3.0) is the first to gauge cryptocurrency sentiment. Crypto Bear Market Bottom is Hard to Spot During Depression and Anger Phase. According to the companys press release, the mass media giant has launched a bitcoin sentiment indicator to assist crypto asset traders predict future price fluctuations.