BlockchainDefender recently looked at how reputation – and the trust level associated with the crypto industry – relates to the global market capitalisation of cryptocurrencies. The company recently released a report detailing this relationship. The report highlights variations in reputation by crypto and country, general trends, and the impact of a crisis.
Comparing Reputation Across Countries
The BlockchainDefender report shows variations in online sentiment towards cryptocurrencies in each of the surveyed countries. The report examines the US, Germany, Japan and the UAE, with analysis for each of these countries conducted in its native language. The report shows that the US has the most negativity towards cryptocurrencies with a negative count of 55. Germany follows close behind with a negative count of 48; the United Arab Emirates has a negative count of 29; and Japan has a negative count of 26.
Comparing Reputations Across Cryptocurrencies
The report also compares cryptocurrencies to each other to evaluate online sentiment. Bitcoin Cash fares the worst with the largest percentage of negative results. Most of the negative sentiment comes from crypto industry websites, with blogs, pricing, and news following. Iconomi performs the best, with the highest percentage of positive results. The crypto market is the greatest source of positive sentiment, followed by social media, blogs and official sites.
Other Findings of the Report
The above findings only make up a small portion of the report from BlockchainDefender. It also demonstrates a clear correlation between an increase in search volume and positive sentiment online, and a rise in market capitalisation.
The report additionally shows clear indications that traditional exchanges have more control over their online reputations than cryptocurrency exchanges.
To determine this, BlockchainDefender examined 10 exchanges of each type in four countries. The traditional exchanges receive most of their negative sentiment from reviews.
Crypto exchanges have more sources of negative sentiment, with the crypto market making up the largest portion.
The BlockchainDefender report also explores how a crisis can dramatically affect a cryptocurrency. The impact is outlined for both price and market capitalisation. Interestingly, the impact of the crisis on these values varies by region.
You can view the cryptocurrency industry report here. Or download a digital copy of the report.
