Bitcoin’s sentiment score has reached its highest point in recorded history following last week’s block mining reward reduction.
According to data compiled by crypto analytics firm The TIE, investor sentiment towards Bitcoin has reached an all-time high since the company began tracking it 2.5 years ago.
In an interview with Cointelegraph on Monday (May 18), the firm’s CEO, Joshua Frank, described the sentiment score as “the number of positive reviews in relation to the number of negative reviews”.
The TIE published a tweet on May 18 which claimed that Bitcoin 30-day average daily sentiment score had reached the highest it has been since 2017:
Bitcoin's sentiment (30 day average) is the highest that we have recorded since 2017.
30 day average tweet volumes on Bitcoin are also at 2020 highs. pic.twitter.com/A1IXRaeIPo
— The TIE (@TheTIEIO) May 18, 2020
Frank also told Cointelegraph that the company’s data made the market for Bitcoin look “extremely bullish” with the majority of Twitter conversation leaning positive. Frank said they had noticed a “moderately strong and positive” correlation between Bitcoin mentions and the Bitcoin price prior to the halving.
Frank also pointed out that “while the Halving remains a positive point of conversation for BTC, the digital gold narrative is reemerging as the dominant narrative for the coin during this time of extreme economic uncertainty.”
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