Cryptocurrency's impact is not limited to online communities but extends to the highest news media outlets. In 2023, our findings revealed that a significant proportion of cryptocurrency mentions in top publications lean toward the positive side, reaffirming the growing influence of digital currencies in the mainstream.
2023 CRYPTO ONLINE SENTIMENT REPORT
Conducted by
&
&
2023 has been a challenging year for cryptocurrencies. As one of the years with the most extended bear markets in crypto history, several digital assets have had their price drop significantly. However, these crypto coins continue to stand as a symbol of financial transformation.
This resilience has left many investors, technologists, and enthusiasts captivated by the potential of decentralized finance. As a result, there have been multiple sentiments expressed about the current state, and future of cryptocurrencies.
Our 2023 crypto online sentiment report is a deep dive into the dynamic perspectives surrounding this industry. In it, we discuss spirited discussions on online forums, social media engagements, and the reflections conveyed by major news publications to reveal the direction of opinions that crypto investors, enthusiasts and reporters have about the crypto space and all its offerings.
Methodology
Sentiment Analysis
In our analysis, we employed the Natural Language Toolkit (NLTK) library in Python for sentiment analysis. This allowed us to calculate cumulative scores for positive, negative, and neutral sentiments in each tweet, post, and article. In this study, our primary focus was on positive and negative sentiments. To establish the proportion of positive and negative posts and articles, we assessed each item based on whether its positive or negative score outweighed the other.
Online Articles
We analyzed the top 10 news publishers with the highest traffic over the past 12 months, scraping 17,966 articles related to cryptocurrency from them for this study.
Tweets Selection
By using various crypto-related keywords for searching, we were able to compile a total of 19,477 crypto-related tweets in the last 12 months for the study.
Reddit Posts
Our studies contain the complete text of 20,460 Reddit posts over the last 12 months as well as older posts.
Key Findings
- 84% Nearly 84% of crypto discussions on Reddit are positive. Share
- 65% Over 65% of global crypto-related tweets have a positive sentiment. Share
- 2/3 Nearly 2 out of every 3 American investors have a positive view toward cryptocurrencies in 2023. Share
- 83% 83% of crypto mentions on top publications are positive in 2023. Share
- 88% The most positive discussions on social media revolve around Tether (USDT), Solana, and Uniswap, with 88% of their discussions scoring positively. Share
Positive Sentiment Toward Crypto
While the cryptocurrency market faces challenges, online sentiment reveals resounding and widespread positivity for digital assets and decentralized finance technology.
From online forums to social media platforms, and even across different countries, the optimism surrounding cryptocurrencies is a powerful force shaping the financial future. Let's take a closer look at some key indicators that shed light on crypto enthusiasm:
Nearly 84% Of Crypto Discussions on Reddit Are Positive
Reddit, known for its candid and diverse user base, offers a remarkable insight into public sentiment. In 2023, nearly 84% of crypto-related discussions on Reddit were full of positivity. Enthusiastic community members are embracing cryptocurrencies, and this vibrant online platform reveals their upbeat outlook.
Over 65% Of Global Crypto-Related Tweets Have a Positive Sentiment
If we turn our attention to the busy Twitter world, where real-time conversations unfold, the picture becomes even brighter.
Over 65% of crypto-related tweets worldwide exude a sense of optimism. But that's not all; the United Kingdom takes the lead in this global cheer, with more than 72% of crypto-related tweets from this region being positive.
Contrastingly, while the larger global crypto community enjoys positivity, there are occasional exceptions. In Argentina, for instance, 67% of crypto-related tweets lean towards the negative side. It's a reminder that sentiment can vary across regions, and in this South American nation, skepticism toward crypto remains notable.
Nearly 2 Out Of Every 3 American Investors Have a Positive View Toward Cryptocurrencies in 2023
Closer to home, nearly two out of every three American investors show positivity when it comes to cryptocurrencies in 2023. With most American investors showing a favorable view, it's evident that the United States is embracing the crypto revolution.
Publication Sentiment Toward Crypto
83% Of Crypto Mentions on Top Publications Are Positive in 2023
Among the top-tier publications that have their eye on the cryptocurrency space, an impressive 83% of the mentions show positivity. This remarkable consensus of favorable coverage indicates the growing interest and acceptance of cryptocurrencies within the mainstream media landscape.
Prominent Publishers & Their Positive Mentions
Several prominent publications have contributed to this encouraging sentiment, with many of them portraying cryptocurrencies in a positive light. Let’s split these publications into mainstream news media and crypto news outlets, then assess the sentiments in each category.
Crypto publications show a more positive sentiment compared to mainstream publications. Notably, Cointelegraph and Coindesk lead in positive sentiment, scoring 86% and 83%, respectively. Mainstream publications range from 79% to 83%, with The New York Times being the most positively regarded and Reuters the most negatively perceived.
The table below provides a more straightforward summary of this information.
79%
81%
81%
82%
82%
82%
83%
83%
83%
86%
Coin-By-Coin Sentiment
In the vibrant cryptocurrency world, each coin has its own unique narrative, fostering various sentiments among enthusiasts and investors. While some projects continue to enjoy the glow of positivity, others may benefit from addressing concerns and promoting a more optimistic outlook among their stakeholders. Let's discuss a few of the crypto coins generating sentiment online.
The Most Positive Discussions on Social Media Revolve Around Tether (USDT), Solana, and Uniswap, With 88% Of Their Discussions Scoring Positively.
The most positive discussions on social media in 2023 revolve around Tether (USDT), Solana, and Uniswap. A remarkable 88% of conversations about these coins are full of positivity.
Investors Maintain a Positive View of Bitcoin, With 75% Positive Online Discussions.
Bitcoin, the pioneering cryptocurrency, maintains its positive reputation in 2023. With 75% of online discussions reflecting optimism, Bitcoin remains a cornerstone of the crypto world. Investors and enthusiasts still see it as a beacon of opportunity in the digital realm.
Binance Coin (BNB) Stands Out as the Most Negatively Viewed Cryptocurrency, With 32% Of Its Discussions Scoring Negative.
However, not all cryptocurrencies enjoy the same level of favorability. Binance Coin (BNB) stands out as the most negatively viewed cryptocurrency, with 32% of its online discussions scoring negatively. The negativity is so distinct, with one Reddit user, in a discussion titled Beware of Binance Coin. It is not a cryptocurrency, openly stated that “BNB is a temporary stopping ground for DeFi until the real thing has been fully polished.”
This unique case highlights the importance of monitoring sentiment, even for well-established projects and addressing any concerns that may arise within the community.
Here's a comprehensive look at the sentiment of various cryptocurrencies in 2023.
Tether
Solana
Uniswap
Toncoin
Ethereum
Shiba Inu
Cardano
Chainlink
Dogecoin
Bitcoin
Dai
TRON
USD Coin
Ethereum Classic
Binance Coin
Conclusion
The crypto universe in 2023 paints a compelling picture of relentless optimism. Despite having a year with a prolonged bear market, crypto assets have remained steadfast in their goal as alternative financial instruments.
As such, these coins have been the subject of many online forum discussions, social media posts and mainstream media publications. And, the general sentiment expressed in the majority of these platforms is that of resounding positivity and optimism in digital assets.
Want to be a crypto expert? Get the best of Coinwire straight to your inbox.
Get daily crypto news updates + weekly roundups on our most important stories.
