$ 30,393.00 3.00%
$ 2,050.06 3.55%
$ 52.84 4.69%
$ 0.086648 2.46%
$ 8.03 0.52%
$ 1.42 4.32%
$ 0.000188 56.42%

Crypto analytics firm to integrade Twitter-based sentiment feed

Twitter crypto market sentiment

On June 17th, a cryptocurrency analytics company, called Crypto Metrics, partnered up with the Social Media Analytics team, in order to provide a specific feed that will calculate the overall sentiment towards the market based off of social media posts on Twitter.

The new implementation is tailored towards supporting crypto traders in structuring their trading strategies according to what the social media “trend” is at that time for cryptos.

As it’s already known that cryptos very often react to the smallest of tweets from influential people in the market, it’s going to be a great addition to the tool arsenal.

Unfortunately, the service will only target Twitter in its infancy, as the CEO said they are not even considering integrating Facebook, which is understandable.

If we take a look at the disparity between the two platforms, it becomes obvious that connecting with company leaders and employees is much better on Twitter, alongside regular posts from the community.

The sentiment feed will use a calculation algorithm, which will monitor the channel for crypto-related tweets, use 19 different aggregate methods and finally compile them into one single screenshot every minute.

Although this is a new addition for the crypto community, it’s nothing sensational for the traditional financial markets. The SMA has already been providing this feature to Forex and stocks traders for years now, but since cryptos are so responsive to market sentiment, it took a little while to develop a relevant algorithm.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

Related News

Hot Stories

Ethereum wipes out $8.10B while eagerly awaiting 'The Merge'
Crypto exchanges are relisting LUNA after the crash
Shiba Inu price analysis: SHIB devalues at $0.00001150 after bearish run
Dogecoin price analysis: DOGE continues to face rejection below $0.1 mark
Shiba Inu price analysis: SHIB shows bullish potential at $0.00001196

Follow Us

Industry News

Crypto exchanges are relisting LUNA after the crash
TAG Heuer adopts crypto payment option
Nox Bitcoin, a Brazilian crypto exchange, refunds customers UST at $1
Ethereum founder confesses how he has been affected by the crypto crash
OpenSea launches Seaport NFT marketplace