48K Reddit Posts Reveal Most Positively Viewed Cryptocurrencies
A lot of crypto chatter fills the internet daily. One company sought to make sense of the data by analyzing over 48,000 comments on Reddit and 7,500 articles from news outlets, all related to cryptocurrencies. Machine learning was used to analyze the data with the understanding of its limitations on comprehending human interaction. This article discusses some of the findings made by Comparitech.
From the findings highlighted by Comparitech, most comments on cryptocurrency have been positive.
Positivity in the cryptocurrency industry has increased over the years as more people become aware of and understand the workings of cryptocurrencies.
One of the parameters that stood out was the pattern in which cryptocurrencies were mentioned. The more valuable cryptocurrencies became, the higher the interaction in the platforms tested.
The first peak was experienced during the month of Dec 2017, when the cryptocurrency market cap surpassed $500 billion. This was preceded by months of relatively low mentions based on the sampled comments.
Nov 2018 marked the beginning of the crypto winter which ended earlier this year. It also marked a higher peak in cryptocurrency mentions than had previously been seen. Many are likely to have invested in cryptocurrency at this point, thus the significant increase in mentions.
July of this year saw the highest peak in posts and comments about cryptocurrencies. This was immediately after BTC had crossed the $10,000 mark. There were also highlights from Tether that elicited reactions from the crypto community; news that Tether didn’t have reserves to back peg every USDT to the dollar created a massive stir in the crypto industry.
Another interesting fact during the peak is provided by the fear and greed index of cryptocurrencies at the time.
July experienced the highest mark so far in 2019, a likely cause for the peak interactions encountered in the month of July.
It is also important to note that the June-July period is the time when Facebook announced Libra which also elicited much reaction from the crypto community as many tried to make sense of Facebook’s entrance into the crypto community.
The peaks and lows are an indicator of the value of cryptocurrencies as they attract more people with an increase in value.
In terms of emotional value, Libra got the most positive reactions from the comments. Given its association with Facebook, the positive response was expected. Tether received the least positive comments at 66%, which is still satisfactory. It shows acceptance to cryptocurrency. The findings also indicate which cryptocurrencies excite the crypto community most.
Is There A Media Agenda Against Cryptocurrencies?
Based on Comparitech results, some media houses make it seem so. However, some are pushing positive crypto messages. Forbes ranks highest in the list of positivity as 80% of the articles it has produced about cryptocurrency are positive. International business times and HuffPost produced just over 30% of positive crypto-related articles.
These statistics don’t exclusively show the standing of the media houses as some of the articles are op-eds, thus reflect the bias of the writer. As aforementioned, only 7500 cryptocurrency posts were sampled from media houses globally.
Of the sampled reactions and articles, it seems as though the world is slowly yet actively embracing cryptocurrencies. The overall positive responses sampled on Reddit may depict the overall feeling of many more globally. It is also clear that more engagement arises during peaks and other volatile moments.
It can be concluded that the cryptocurrency industry is in a better position than it was a few years back.
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