Cryptocurrencies
Why Is Bitcoin Surging? Alternative Data Shows It’s Grown-Up
- Index based on natural language processing probes reasons
- Indexica study showed the tense of the conversation changed
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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.