Crypto Twitter Sentiment Remains Positive Despite BTC Price Drop
A recent report by a behavior analytics platform, Santiment has revealed that positive sentiment still prevails on crypto Twitter after the recent massive bitcoin price crash.
Santiment is a platform that analyzes several crypto-related posts on different social media platforms to help investors get an overall feel of the market.
According to their recent report, the last 3 months have obviously seen a decline in the sentiment of crypto, as the price dropped from $10,300 levels to sub-$4,000. However, their report suggests that the positive sentiment on the Twitter social media platform has remained.
The last three months have understandably seen the sentiment of #crypto drop significantly, as prices surged to $10,300 and fell all the way below $4,000 during Black Thursday. However, on Twitter at least, our social graphs on are tracking that positive sentiment has remained pic.twitter.com/SU8xQVvKCK
— Santiment (@santimentfeed) March 28, 2020
Another notable discovery by Santiment is that, people outside of crypto Twitter were less enthusiastic about crypto. It reported that, negative sentiment has still been prevailing on both Discord and Reddit since the recent historic crash.
However, Santiment mentioned that, Bitcoin and other projects can show a clear buy signal in times like this when negative keywords are overtaking positive.
After the historic market crash that occurred on March 12, there was a strong rise in both positive and negative sentiments. While the weak hands were hastily panic selling, some investors saw this as an opportunity and were busily filling their bags.
Notable among those who accumulated more BTC is the Digital Currency Group founder, Barry Silbert, who tweeted that he was buying more BTC since it was exactly why it was created. Silbert was not alone in this massive accumulation. Google searches for the phrase ‘buy Bitcoin’ recently spiked to an 8-month high, surpassing that of gold.