Forecasting of the cryptocurrency market through social media sentiment analysis

This paper aims to evaluate the possibility of using data from social media sites to run sentiment-analysis-based predictions on the Bitcoin price developments. In contrast to preexisting literature, it also aims to compare the feasibility of Reddit data in comparison to the current de facto benchmark source of sentiment data, namely Twitter. The data scraped from these social media sites is evaluated using the VADER sentiment analysis toolkit and compared in different time intervals to historical Bitcoin price developments over the course of three months.