2019-10-16 00:30 |
With an AI system trawling through 850,000,000 tweets a day, the network portfolio calibrates an optimal status based on an evaluation of sentiments.
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Americans carried the digital currency higher, but their enthusiasm may be waning.
A study by Etoro and The Tie find listing and partnership announcements as significant developments (Sigdev) that have an immediate, large, and positive influence on token price. This influence, which peaks within the first 24 hours, usually wears off after a week, according to the study report.
The cryptocurrency bitcoin is trading at an all-time high relative to its social activity, explains the crypto research firm Tie. The analysts at Tie believe the ratio indicates that bitcoin is being driven by institutional trading.
The spike in value of Bitcoin in early 2019 had many speculating it had been due to institutional investors entering the space. Despite this, Bitcoin, as well as other altcoins, started falling around August.
The cryptocurrency market responds to speculation, whether it is the price of Bitcoin or any important announcement that has the ability to push a coin’s price and market cap upwards. The cryptocurrency market, unlike other asset classes, depends significantly on market sentiment, noted Joshua Frank, CEO of The TIE, in an interview with Dawid Paluch.
CoinMarketCap, the biggest crypto data aggregator most people in the cryptospace refer to, had been accused by The TIE of allowing exchanges to report fake trading volumes. However, the data site has tried to clean up its act since, noted Joshua Frank, CEO of The TIE, in an interview with Dawid Paluch.