Insights from Cryptocurrency Sentiment During Coronavirus Turmoil

The first quarter of 2020 was characterized by market turmoil caused by the coronavirus pandemic. How did cryptocurrency sentiment fare during those tumultuous months?

Crypto Sentiment

Crypto sentiment ratings have been recently released by trading platform eToro, using data from analytics firm TheTIE. Both short-term and long-term sentiment was measured in their report.

Short-term sentiment, or daily sentiment, measured 24-hour investor emotion against the previous 20 days. Long-term sentiment measured 50-day sentiment against 200-day sentiment. Both used the level of positivity or negativity in discussions on Twitter as a gauge. Sentiment below 50 was negative and sentiment above 50 was positive.

Bitcoin Proves Resilient During Market Turmoil

Despite a precipitous price drop on Mar. 13, 60% of the days in Q1 saw positive Bitcoin sentiment. Its highest sentiment score was 81, which occurred on Jan. 7. Its lowest sentiment level, not surprisingly on Mar. 12, saw sentiment plunge to…