Reuters Adds Sentiment Data Analysis of 100 Top Cryptocurrencies 🚨 This article is 7 years old...
Reuters Adds Sentiment Data Analysis of 100 Top Cryptocurrencies
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Updated: Jun. 13, 2018 at 10:08 pm UTC
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With growing popularity in the global mainstream, cryptocurrency media coverage is at an all-time high. Thomson Reuters partnered with MarketPysch Data LLC to offer investors sentiment data analysis for the top 100 cryptocurrencies by market cap.
Meeting Rising Demand
Multinational media firm, Thomson Reuters recently launched the MarketPysch Indices (TRMI) package – a data analytics tool that uses language processing and machine learning to compile market sentiment data on the top 100 leading cryptocurrencies.
Cryptocurrency is becoming a prevalent media topic around the world, revealing an increasing demand by retail and institutional investors for methods to measure the nascent, evolving digital economy.
In April 2018, Thomson Reuters released survey results from over 400 clients concluding that 20% of institutional investment firms are considering trading cryptocurrency over the next 3-12 months.
In an interview with Forbes, Managing Director and Global Head of Investing and Advisory at Thomson Reuters, Pradeep Menon explained:
“The Thomson Reuters cryptocurrency survey revealed a shift in the market, with cryptocurrencies gaining some mainstream acceptance and financial institutions looking to start trading them over the coming months… Adding a cryptocurrency-focused sentiment feed to our suite of cross-asset solutions has therefore enabled us to provide our customers with invaluable insights that may help them make strategic investment decisions.”
Data Tracking of 100 Top Cryptocurrencies
The TRMI Cryptocurrency Sentiment package gathers and monitors data from 800 social media sites and over 2000 global news sites in real-time to help traders understand general market responses to news and predict future trends.
In addition, MarketPysch developed a suite of quantitative research results and visualization tools that model themes in the constantly shifting and volatile cryptocurrency markets.
Dr. Richard Peterson, CEO of MarketPsych told Forbes how the machine learning aspect of the analysis works:
“We look at the top 10 cryptocurrencies being discussed in the media during a given week and rate them using our code sentiment index, which shows that amount of positive references to a code underlying a token versus the negative references.”
Digital assets are still considered a new form of financial instrument, hence requiring more sophisticated and innovative implements for measuring performance in a market that runs 24/7 worldwide.
In the advancement of cryptocurrency investing, mechanisms such as sentiment data analysis and AI-enhanced trading may become the new standard for indicators of market movement.
Posted In: Adoption, Technology
