Researchers from Comparitech have used machine learning to analyze more than 48,000 Reddit messages to determine which cryptocurrencies people are most positive about. The survey also included 7,500 articles from national and international news platforms.
Since March 2017, people started to talk more and more about cryptocurrency, when bitcoin (BTC) reached its peak. This volume grew together with bitcoin to a peak in December 2017. The volume then declined again, just like the bitcoin price.
However, the frequency jumped back to peak levels in November 2018, when cryptocurrency prices reached their low point. Since then, the cryptocurrency discussions in subreddits have continued to increase. This is partly because prices are rising again and Libra, Facebook’s cryptocurrency, was recently announced.
Although people generally write a negative rather than a positive review, the vast majority of the discussions about cryptocurrencies are actually positive. An estimated 85.5% of the discussions held were positive.
However, news articles were for the most part negative. HuffPost, Business Insider and the International Business Times wrote twice as many negative articles as positive ones. Forbes was more positive about its competition. 80% of its cryptocurrency-related articles were positive.
Libra is at the top when it comes to the positive sentiment on Reddit. No fewer than 97.7% of the discussions were assessed as positive.
Cardano, Ethereum, Litecoin, and Tron also performed well, with between 85% and 90% of the Reddit discussions being positive. Bitcoin achieved a score of 83.5%.