Since the launch in 2008, the phenomenon, cryptocurrency, has taken the financial world by storm. The market that started with Bitcoin has now more than 3000 cryptocurrencies. As of June 2021, the total market cap of cryptocurrencies is US$1,746,285,217,570, but this success came as a result of a lot of volatility. Bitcoin, alone, fluctuated from its peak of US$60,000 to around US$30,000 recently. Over time, investors observed this volatility and realized that a lot of money can be made through crypto investments.

Sentiment is a huge driving factor in the cryptocurrency market. But it is a metric which is very hard to measure. Sentiment analysis has been on the rise for the past few years. With the introduction of new packages, sentiment analysis can be done more quickly and efficiently than ever. In this post, you'll see why looking at the mood on the social media is not a great idea for sentiment analysis.