The post Cardano Sentiment More Bullish Than Bitcoin, XRP: Data Shows appeared on BitcoinEthereumNews.com.

Data shows Cardano is witnessing a stronger bullish sentiment than the other top cryptocurrencies like Bitcoin and XRP. Cardano Sentiment Is Currently At Its Highest Of 2024 According to data from the analytics firm Santiment, the sentiment around cryptocurrencies has marked an improvement following the rebound Bitcoin and others have enjoyed. The indicator of relevance here is the “Weighted Sentiment,” which itself is based on two other metrics: the Sentiment Balance and the Social Volume. The first of these, the Sentiment Balance, measures the net sentiment around an asset currently on major social media platforms. This indicator works by running posts/threads/messages on these platforms through a machine-learning model to determine whether they are being positive or negative about the cryptocurrency. It then subtracts the two types of posts to find the net situation on social media. There is a flaw with this metric, though, and it’s the fact that it may not always be representative of the actual sentiment shared by the majority of the users, as it can only reflect the mentality of those who have participated in some discussion (that is, made some posts). The Weighted Sentiment also incorporates the second indicator: Social Volume. This metric keeps track of the total number of posts that talk about the given coin. In other words, it tells us about the amount of talk the asset is witnessing right now. The Weighted Sentiment takes the Sentiment Balance and weighs it against the Social Volume. Thus, the indicator’s value only registers a spike (in either direction) when not only is there a high net sentiment on social media, but also, a large amount of users are partaking in discussion. Now, here is a chart that shows the trend in the Weighted Sentiment for the five top coins, Bitcoin (BTC), Ethereum (ETH), BNB…

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Filed under: News - @ August 21, 2024 1:15 am