The entire cryptocurrency market has had a rough week with Bitcoin, Ethereum and almost all the others dropping in value in gigantic proportions. The market’s drama started after news from Mt. Gox broke out about a trustee who sold almost half a billion dollar worth Bitcoin and Bitcoin Cash which analyst believe is what triggered the major sell-off starting at $17,000 around 20th of December 2017.
Traditional chart analysis on cryptocurrencies has generally disappointed traders, investors and general market enthusiasts because of the premature nature of the market. Analysts believe Bitcoin has yet to reach the stage where market moves could clearly be predicted.
We, therefore believe a sentiment analysis would reveal more on the emotional aspect of the prices and hence would help decision makers and investors think about buying/selling of their assets. These sentiments are taken from investors, skeptics and certain influencers. Only 2-3 most relevant quotes are revealed per asset, conclusions are based on the overall data set.
William Hunter, a Bitcoin investor with a portfolio of a $250K says,
“Rollercoaster or not, too darn interesting! I know folks who made 10% profits within a few hours. Heck, I made some. The most volatile markets are the best volatile markets – for an investor. Expecting a dip to $9K by tonight and then back to around $10K tomorrow”
Jason Cho, a Bitcoin miner who proclaims he has ~1500 Th/s from Chicago says,
“Waiting to upgrade my power, need 10K THs to successfully fulfill my ego. The sudden drop in prices is disheartening. Looks like FUD prevails. FUD everywhere.”
Stevie Mena, a Bitcoin investor and a ghostwriter for tabloids in London says,
“Although it is trading at $9800 right now, I feel it could go down to as low as $8500 again. Strong indicators for it go down. It has been a long wait and I know we will go back up.”
Bitcoin since the beginning of the year has had a bearish long wait. It seems like the wait could be longer, as investors, miners and analysts alike feel that this could bearish group could last a little longer.
Glenn Jones, a blockchain developer from Tallinn says,
“Ethereum is going nowhere. There is a high possibility of Bitcoin crashing but Ethereum is here to stay. With so many projects based on it, Ethereum is going nowhere. We should see a $2000 or even a $3000 by year-end”
Dave Thirtle, an Ethereum evangelist and investor says,
“It is unfortunate that we are so dependant on Bitcoin prices. I have a big spread on ETH but bears are not done yet. September’s Mt. Gox news still has people in fear. We could see the prices drop a bit more before it rises back up again”
Ethereum is a token that has had a lot of support over the past year. Entire systems were built on this platform and people are frustrated with the dependency of Ethereum’s prices on Bitcoin but people believe that all this could change with the advent of more direct fiat to ETH exchanges while some argue that is not the reason.
Ryan Nox, a Financial Advisor at BNY says,
“Ripple is a token that has proven itself over the past few months, multiple partnerships and tons of promise. XRP prices are probably at the bottom right now. $0.50 is probably the worst it could ever do and expect it to shoot up above $6 by next year maybe. Long-term HODLers will survive”
Tom Grey, a Ripple investor from early 2017 says,
“No other asset has ever given me such returns. This is not a pump and dump. You can’t pump and dump rather. I’m bullish on XRP.”
Ripple has had its fair share of critics in the past with tons of people questioning the centralized control of Chris Larsen. The current investors believe the future proposition is exciting and it is still a strong bet. Veteran cryptocurrency investors, however, feel that Ripple’s XRP goes exactly against what the current crypto community stands for.
Luke Sarner, a TRON and XLM investor from Dallas says,
“The only reason I hold TRX is because I believe in the future it holds. In such a short time Justin’s team has achieved so much. I believe when the markets turn green, TRX is going to be the leader in the bullish market.”
Brian Patel, a blockchain developer says,
“What we have right now is TRX getting added to a lot of exchanges and some interesting tech upgrades. It’s all bullish news but there really isn’t so much potential. People are getting bored of Tron, it might not survive but it will definitely make me a lot of money in the short term, which is why I HODL”
Justin Sun and TRON have been in the news for the past 2 weeks for reasons both good and bad. Tron supporters believe that TRX is just getting started and should see new highs within this year.
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