New Study Explores the Speed and Scale of Crypto Discussions with Its Affects on Market Performance
A new study on the impact crypto discussions on social media platforms have on the overall market has been evaluated reports Coin Desk.
In particular, Data Analysts from the Pacific Northwest National Laboratory (PNNL) looked at crypto discussions that took place on Reddit, as a way to qualitatively measure to what extent it can be impactful.
Three cryptocurrencies, namely, Bitcoin [BTC], Ethereum [ETH] and Monero [XMR] have been highlighted in terms of the depth of conservation, its duration, the number of participants in the discussion and behavior of subreddits versus the overall Reddit community.
The team involved found that Bitcoin was popularly discussed, while discussions on Monero were both longer and wider. Moreover, it was found that all three cryptos steered great conversation – with many subjective posts present. As for speed, which looks at how fast a conversation is started, til its end, it seems like BTC takes the leaf with 11 minutes, followed by Monero’s 20 and Ethereum’s 27 minutes.
It was also found that:
“Users are more active within a single subreddit dedicated to i.e. the Official Subreddits domain than within discussions focused on the same coin that are started in multiple related subreddits. … Users interact, with, on average 13 users in the r/Bitcoin subreddit, 8 users in the r/Ethereum and r/Monero subreddits within the Official Subreddits domain.”
Coin Desk also reported on this matter and has since been able to communicate with a representative. The overall research was supposedly funded by the Defense Advanced Research Projects Agency (DARPA).
The entirety of this project was led by Dr. Svitlana Volkova, who shared that studying and keeping track of social signals can be helpful in understanding the market’s general performance.
More specifically, she said:
“Social signals are quite useful, and by incorporating them with machine and deep learning, we intend to build predictive models that hit on causal relationships between different variables, so we can explain and model decision-making processes.”
Moving forward, the team plans to assess whether the sentiment expressed, i.e. “positive, negative, and neutral, novelty, uncertainty and readability,” along with user reactions have an effect on market growth and crypto prices. Furthermore, the team plans to compare the likes of Twitter and Reddit – both of which are commonly used to spread news or introduce debatable topics.
To read the entire paper titled, “Characterizing Speed and Scale of Cryptocurrency Discussion Spread on Reddit,” by Maria Glenski, Emily Saldanha and Volkova, click here.