CryptoCurrency Sentiment Index launches for Crypto Traders and Enthusiasts
Amsterdam. September 18h, 2018: Orenda Software Solutions (OSS) joins bit4coin to officially launch CCSIX – a powerful CryptoCurrency Sentiment Index for the crypto community.
Beginning today, CCSIX.ai is live and supporting crypto trading decisions. The direct benefit to users is the ability to understand price performance by leveraging patterns within sentiment that generates alpha. The challenge faced by many is that the cryptocurrency market is viewed as erratic and irrational, and buyers and sellers struggle to make accurate predictions in the midst of the chaos.
“This sentiment index is unique and measures emotions that ultimately drive decision-making for everyday crypto traders,” said Tanya Seajay, Founder of OSS. “These trades are primarily driven by sentiment, making our index the one to beat.”
Cryptocurrency is often described as an emerging asset class that lacks financial fundamentals and is mainly driven by emotions like an overwhelming fear of missing out that accelerates trades, or a loss of trust that slows trades.
“Six months ago, we began to develop this product and backtested several financial models,” said Dolf Diederichsen, co-founder of bit4coin. “The results are impressive. CCSIX shows patterns and trends the crypto trading community can leverage every day.”
The index’s constituents are Bitcoin, Litecoin, Ethereum, Ripple, Monero and Iota. The free public version of the index is lagged by 24 hours and is refreshed with sentiment and price data every 10 minutes. Historical data goes back 90 days, with the added ability to view each coin individually.
For CCSIX pro version, priced at €50 per month at CCSIX’s launch, paying members have access to sentiment data that backs the index in real-time. This puts leading analytics directly in the hands of those who trade cryptocurrency daily and seek more data for decision-making and to develop distinct trading techniques.
On an average day, the index analyses 200,000 online data points in real-time, with Bitcoin and Ethereum generating the most discussion on Twitter and Reddit. As conversations continue to grow, the index will increase in accuracy.
The two company founders met at a FinTech Forum in Paris and linked their teams together to tackle the oversea venture. Since that time, the teams worked diligently to build and design the index.
OSS’s primary business is to sell alternative data to the financial industry. The real-time data is composed of emotional responses triggered by the actions of others, and connecting that data to market movements. OSS, established in 2015, sets itself apart in the noisy sentiment space by being the only technology to score long-lasting emotions that shape the world’s growing trust-based economy. The technology powers several products, including price predictions every 10 minutes for Bitcoin, Litecoin and Ethereum. These predictions are available through Orenda Signals – a subsidiary of OSS.
bit4coin offers multiple cryptocurrency services. bit4coin’s customers can buy and sell cryptocurrencies as well as cryptocurrency gift cards. Businesses can use bit4coin’s platform for payouts in cryptocurrency, e.g., for reward or loyalty programs, payouts to users, freelancer/contractor remunerations, or salary payments. bit4coin was bootstrapped by its founders in 2013 in Amsterdam, The Netherlands.
Circle A) CCSIX served as a leading technical indicator for bullish trends, such as the one experienced from August 23rd to August 28th. During this period, CCSIX anticipated it’s increase in market cap as well as its subsequent reversal on August 27th, a day prior to the actual market sell off.
Circle B) CCSIX served as an indicator for bearish markets, a good example shown in the large decline in market cap that took place from Sept 4th through to Sept 6th.