Investigating an individual’s opinion on social media about the cryptocurrency market

Abstract

Cryptocurrencies are growing rapidly, with various altcoin being introduced recently, despite the fact that the market is very volatile, cryptocurrency now holds trillions of dollars in the market and has plenty of platforms for trading and owning cryptocurrencies, like Binance, Coinbase, and others. In particular, Bitcoin has caught the attention of many people over the year with a current market cap. of 731.56 billion dollars circulating in the market. One of the major problems in cryptocurrencies is volatility, and often the prices can vary due to the external events that trigger the market. That is, Twitter sentiment. The objective of the article is to investigate people’s opinion about the cryptocurrency market on social media using collected tweets for 2 popular hashtags of Bitcoin and investigating the tweets using sentiment analysis. The study found that sentiment scores could be related to observed price fluctuations.