The value of Bitcoin depends on the mood of users in social networks
Source:
The Price of Bitcoin is correlated with the mood of the crowd, reports . According to researchers from Stevens Institute of Technology in new Jersey, a stream of positive reviews in social networks leads to the Pampa of course of bitcoin.
theAs the price of Bitcoin is affected by the social network
A team of researchers led by Professor of information technology Fangom May stated that rates of cryptocurrencies depend on public sentiment. During the period of flow of positive reviews in the media of the Bitcoin began to rise.
This is our first solid proof that the social network and the state of cryptocurrency related. Positive crowd has a positive effect on the price of Bitcoin.
When compiling statistics, the researchers divided the comments into several categories – positive, negative and other. For the survey took a two-month history of Twitter data with more than 3.4 million tweets on the topic of cryptocurrencies. The University representatives also reviewed the posts on Bitcointalk over the past two years.
In the course of search has identified two main categories of users – the passive majority and active minority. It turned out that the first group has a big impact on the price of Bitcoin.
Active users often have a direct relationship to the cryptocurrency. They spread information about it, because they themselves invest in it. So if almost all messages in social networks generated by biased investors, the use of the mood of the crowd to analyze the situation on the market is impractical.
In fact, the price of Bitcoin varies greatly under the influence of those who do not often extend the crypt in social networks. The most passive are more likely to change the course of crypto-currencies.
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