April was a good month for the cryptocurrency market. The world’s largest cryptocurrency, Bitcoin [BTC], finally broke its long-term resistances and surged past the $5,000 mark, taking the collective market and many altcoins, to their yearly highs. And while the jury is still out as to which coins performed the best over the month and which have the best outlook for the future, new research by Predicoin shed some interesting light on the subject.
The data analytics and market research firm, Predicoin, used an aggregated indicator ‘Sentscore’ to assess cryptocurrencies’ outlook based on five verticals. These include news, social media, buzz, technical analysis, and fundamentals.
Along with ‘Sentscore,’ Predicoin’s research also used ‘buzz score,’ or a measure of how well a crypto-asset was trending, to gauge the performance of cryptocurrencies. According to Predicoin’s ‘buzz score,’ Binance Coin [BNB], Dogecoin and Basic Attention Token [BAT] recorded the most significant changes over the month of April.
All of these trend changes were accompanied by significant developments in the coins’ ecosystems. While the buzz score for BNB surged before and after the launch of Binance’s mainnet and BNB’s migration to it, BAT’s buzz score was propelled from an industry average of 4 to over 7 (On a scale of 10) after Brave browser announced an extension that allowed its users to earn BAT while browsing.
In the case of Dogecoin, the meme coin generated a buzz across social media following Elon Musk’s ‘election’ and subsequent ‘resignation,’ as CEO of Dogecoin. Even NANO performed admirably over the stated time period, witnessing a significant surge in its buzz score and Sentscore following the launch of its new public node API.
Each of these trend surges was accompanied by their corresponding price surges as well, with BNB gaining by 15 percent and BAT surging by over 60 percent over the time period.
Predicoin’s research also had a key finding with respect to Tether’s performance over April 25. The research suggested that Tether’s Sentscore began to fall, hours before USDT crashed by over 2 percent and lost its pegging against the US Dollar. New York State’s Attorney General had accused Bitfinex of masking losses worth hundreds of millions using Tether [USDT] reserves on April 25, an allegation that pulled down the prices of several cryptocurrencies across the market.