Bitcoin’s ‘Twitter sentiment’ data gets rolled out by a blockchain data firm

New Zealand-based blockchain data and research firm Brave New Coin (BNC) has launched a new metric for bitcoin.

Dubbed “Twitter Sentiment,” the metric analyzes over 34 million bitcoin-related tweets every week, BNC announced Monday. The firm uses Artificial Intelligence (AI) algorithms that search for tweets containing words such as bitcoin, $BTC and BTC, among others.

BNC said sentiment continues to be a “significant” factor in the price and momentum of digital assets, and hence, it developed the metric. It took 18 months of work to launch bitcoin’s Twitter Sentiment data, said BNC, adding that the data is divided into seven categories - Opinion, Technical, Onchain, Adverts, Bots, Macro and Hack events.

For the week ending January 17, the Opinion category led the chart (constituting 30.42%), followed by Technical (technical analysis) and Onchain (mining, hashrate) tweets. All the categories are in green.

BNC spokesperson Pierre Ansaldi said the firm will roll out sentiment analysis for other cryptocurrencies as well during the first quarter of this year.

BNC provides various data and indices for the cryptocurrency market. Last year, the firm partnered with Nasdaq to add its bitcoin and ether indices to the stock exchange operator's Global Data Service.