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Why Is Bitcoin Surging? Alternative Data Shows It's Grown-Up

From bnnbloomberg.ca

Bitcoin has more than doubled this year. That simple fact has enthusiasts cheering on its resurgence, even if no one can quite pinpoint why it’s rallying. Indexica, an alternative data provider, built a custom index based on natural language processing of thousands of textual documents to try and explain Bitcoin’s 28% run-up throughout the month of April. What they found pointed to a coming of age for the cryptocurrency. Their findings showed three main drivers: a more complex conversation surrounding Bitcoin, fewer concerns about fraud and a shift in the tense of how Bitcoin is talked about from the past to the ... (full story)

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  • Category: Fundamental Analysis