Data Shows Cardano Bullisher Than Bitcoin, XRP
Cardano is more positive than Bitcoin and XRP, according to data.
Cardano sentiment is at a 2024 high.
Santiment research shows that cryptocurrency sentiment has improved after Bitcoin and others rebounded.
The relevant statistic is “Weighted Sentiment,” which is based on Sentiment Balance and Social Volume. First, the Sentiment Balance analyzes an asset's net sentiment on key social media sites.
This indicator uses a machine-learning algorithm to evaluate if these sites' posts/threads/messages are favorable or negative concerning cryptocurrencies. Subtracting the two kinds of postings yields the social media net situation.
However, this measure can only reflect the attitude of those who have engaged in a conversation (thus, made posts), therefore it may not necessarily reflect the bulk of users' mood.
Second indicator Social Volume is included in Weighted Sentiment. This measure counts coin-related posts. It indicates how much buzz the item is receiving.
The Weighted Sentiment compares Sentiment Balance to Social Volume. Thus, the indicator's value only spikes (in either direction) when social media sentiment is strong and many individuals are discussing it.
Here is a graphic showing the Weighted Sentiment trend for the five major cryptocurrencies, Bitcoin (BTC), Ethereum (ETH), BNB (BNB), XRP (XRP), and Cardano (ADA), over the last several months:
Bitcoin, XRP, Cardano Sentiment
The graph above shows that these top currencies' sentiment has improved. With the market rebound, Cardano's Weighted Sentiment has risen.
ADA has an indication of 1.69, while ETH, the cryptocurrency social media users are second-most optimistic on, has 0.80.
Positive sentiment suggests investor trust in ADA is still high despite its dismal year, but excessive enthusiasm has been a negative indication.
Cardano and Ethereum, which are enjoying optimistic sentiment, may not be ready for a further climb. However, Bitcoin and XRP have relatively slight positive Weighted Sentiment, which may benefit them.
