Crypto Twitter Sentiment Remains Positive Despite BTC Price Drop

News / 29.03.2020

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.

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.

At press time, the number one crypto by market cap is down by 1.41 percent within the last 24 hours.  It is currently trading at $6,173, with a market cap of over $112.9 billion.

Source: Cryptopress.

Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.