May 25, 2022
However much experience you have with crypto, you could be missing out on valuable data for your digital asset strategy. Using social intelligence tools, we can find out how people are feeling about the crypto market, who they are, and why they’re talking about it. This data can then be used to identify trends and predict outcomes, increasing the chances of investment success.
What is crypto?
Essentially, crypto is digital money that uses blockchain technology to validate transactions rather than central authority. This promotes a peer-to-peer platform, allowing users to trade and invest directly from anywhere in the world. It has been predicted that the global cryptocurrency market will grow to a value of $4.94BN by 2030.
Who’s talking about it?
Many celebrities are now using their online presence to leverage token sales. Despite this, the most influential users are crypto communities and thought leaders. Company accounts are highly active and therefore useful for keeping up-to-date with their product. However, the average user will interact more with informative, newsworthy, and genuine content. Accounts that share unbiased information, honest opinions, and experience-based advice will provide better quality conversational data for insights.
For now, most computerised systems have their limits when it comes to Natural Language Processing. Sentiment analysis requires a fair amount of manual quality assessment for an accurate result. While more useful as a guide, it can provide quick access to insights. For example, a 30 day search in Brandwatch for “bitcoin” shows a spike in negative sentiment which aligns with a slump in the crypto market.
Specialised social intelligence platforms for crypto have started to appear in recent years. A notable one is LunarCrush, which collates and filters social media activity for bitcoin, alts, exchanges, and influencers for more accessible insights. Using a “zoomed-out” view of the conversations taking place online, the site displays patterns in a real-time feed. As a result, it’s investors can make more informed trading decisions.
We can learn almost anything about cryptocurrencies through social media monitoring. Whether you’re researching an existing coin or looking for the next big thing, listening tools provide insights that could help to level-up your investments. If you’re interested in finding out more about social intelligence and the crypto market, get in touch!
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