Alternative indicators for top crypto projects by market capitalization

Hi everyone! This is a continuation of a series of articles in which our team collects and analyzes indirect metrics for existing crypto projects. You can check our previous articles here:

Best crypto projects by GitHub development activity
The most popular crypto projects by social activity in Telegram/Discord

Today our analysis will cover Reddit as well! Oh... millions of subreddit members and every-second crypto discussions - some redditors claim that this particular token is going to rich its highest in a little while, but the opponents on the other hand claim that this project is stagnating. Where is the truth? And how to make the right investment decision after surfing through all this chaos?

Our team analyzed more than 7,700 cryptocurrencies to determine those that have been discussed most actively on Reddit over the last week:

Top tickers by the number of Reddit mentions over the last week


Quite an expected and recognizable top, isn't it? What if I say that our top of most discussed cryptos on Reddit coincides with the top cryptos by CoinMarketCap?
And it does!

Top crypto projects by CoinMarketCap 

Bitcoin, Ethereum, Solana, Terra, Cardano... The crypto projects with the highest market capitalization get the highest number of mentions on social, obviously. But let's take a closer look to find interesting insights and analyze the sentiment of those Reddit mentions:

1. Bitcoin (BTC)

BTC has more than 4M followers on the r/bitcoin subreddit, being the most popular crypto worldwide. The sentiment is staying neutral (we measure sentiment level from 0 to 1, where 0 - is negative 1 - positive) from the beginning of 2022, below you can see the examples of how BTC is being discussed:

Regarding the development activity, we can't see any drop-downs according to our contributors and commits data, so it's unlikely BTC will prank us someway:

2. Ethereum (ETH) - decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies and for the execution of decentralized smart contracts.

3. Cardano (ADA) -  a proof-of-stake blockchain platform that says its goal is to allow "changemakers, innovators, and visionaries" to bring about positive global change.

For Cardano, we spot a significant increase in posts sentiment, let's see what redditors are shouting:

4. Solana (SOL) - is a highly functional open source project that banks on blockchain technology's permissionless nature to provide DeFi solutions.

Whoa, what a substantial increase in the number of contributions on Github and, accordingly, in the number of commits. Solana employed twice more developers and engineers in Jan-Mar 2022 compared to what they had in 2021 - they're definitely working on something new or empowering the project. Will the new phase be released soon? Let's wait!

5. Terra (LUNA) - a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.

I trust you enjoyed this quick top! To sum it up:

  • those projects that have the highest market capitalization are most actively discussed on social networks
  • when assessing risks and choosing a coin to invest in, it is worth looking at untraditional metrics, such as GitHub development activity, the growth of followers on social, and the sentiment of posts around this coin. It will give you a great informational advantage over other investors.
  • based on this analysis, we can see that all of these crypto projects are quite active in their development and are not pump & dump. Thus, investing in any of these coins (or investing in all in equal shares) will definitely give you some Xs and move you closer to the moon :)

If you are interested in getting access to these and many other dashboards with alternative data (Discord/Telegram audience, Twitter mentions, etc.), drop us a line here: hello@contora.ai

Subscribe to Contora

Don’t miss out on the latest issues. Sign up now to get access to the library of members-only issues.
jamie@example.com
Subscribe