April was a good month for the cryptocurrency market. The world’s largest cryptocurrency, Bitcoin [BTC], finally broke its long-term resistances and surged past the $5,000 mark, taking the collective market and many altcoins, to their yearly highs. And while the jury is still out as to which coins performed the best over the month and which have the best outlook for the future, new research by Predicoin shed some interesting light on the subject.
The data analytics and market research firm, Predicoin, used an aggregated indicator ‘Sentscore’ to assess cryptocurrencies’ outlook based on five verticals. These include news, social media, buzz, technical analysis, and fundamentals.
Along with ‘Sentscore,’ Predicoin’s research also used ‘buzz score,’ or a measure of how well a crypto-asset was trending, to gauge the performance of cryptocurrencies. According to Predicoin’s ‘buzz score,’ Binance Coin [BNB], Dogecoin and Basic Attention Token [BAT] recorded the most significant changes over the month of April.
All of these trend changes were accompanied by significant developments in the coins’ ecosystems. While the buzz score for BNB surged before and after the launch of Binance’s mainnet and BNB’s migration to it, BAT’s buzz score was propelled from an industry average of 4 to over 7 (On a scale of 10) after Brave browser announced an extension that allowed its users to earn BAT while browsing.
In the case of Dogecoin, the meme coin generated a buzz across social media following Elon Musk’s ‘election’ and subsequent ‘resignation,’ as CEO of Dogecoin. Even NANO performed admirably over the stated time period, witnessing a significant surge in its buzz score and Sentscore following the launch of its new public node API.
Each of these trend surges was accompanied by their corresponding price surges as well, with BNB gaining by 15 percent and BAT surging by over 60 percent over the time period.
Predicoin’s research also had a key finding with respect to Tether’s performance over April 25. The research suggested that Tether’s Sentscore began to fall, hours before USDT crashed by over 2 percent and lost its pegging against the US Dollar. New York State’s Attorney General had accused Bitfinex of masking losses worth hundreds of millions using Tether [USDT] reserves on April 25, an allegation that pulled down the prices of several cryptocurrencies across the market.
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Justin Sun on shaking down the Internet, Coin Metrics on Kin’s blockchain activity and more
Crypto News – 26 June – Justin Sun on shaking down the Internet, Coin Metrics on Kin’s blockchain activity and more
— AMBCrypto (@CryptoAmb) June 26, 2019
Crypto News – 26 June
Bitcoin breaches new resistances: In a sensational run that saw the coin surge by 15% over 24 hours, the world’s largest cryptocurrency breached the $12,000 mark, while also briefly touching the $13,000 mark, before falling again
Read more at https://bit.ly/2ZMkS10
Tone Vays on Bitcoin’s biggest strength: Tone Vays opined that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention
Read more at https://bit.ly/2RD2BjL
Tron Foundation launches new inititative: Justin Sun’s Tron Foundation announced a $20 million TRX buy-back plan to promote community activity and market stability
Read more at https://bit.ly/2X8aA9W
Joe Kernen on Bitcoin, Libra: The once crypto-skeptic, CNBC Squawk Box’s Joe Kernen is of the opinion that Libra is for corporations, while Bitcoin is for the people
Read more at https://bit.ly/31MkqSa
Bloomberg on JPM Coin: According to a report by Bloomberg, the Jaime Dimon-led institution plans to launch the JPM coin and use it for bond transactions
Read more at https://bit.ly/2X75DTr
Fundstrat report on stablecoins: According to a recent report by New York-based Fundstrat Global Advisors, the FS CryptoFX Stablecoin index fell by a whopping 21 percent against BTC, with Gemini outperforming Tether [USDT]
Read more at https://bit.ly/2X5qPJw
BitGo’s latest collaboration: Bitcoin IRA has announced that it will be teaming up with BitGo to launch crypto-retirement accounts insured for $100 million
Read more at https://bit.ly/31UvjBz
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