Cryptocurrencies seemed like a fad when they were launched in 2009. Only a handful of people were aware of what they are, how they work, and their potential to change the world of transactions.
Fast forward to 2022, and Bitcoin, the first and one of the most famous digital cryptocurrencies in the world, is worth around $1.3 trillion – which is about four times more than the net worth of Jeff Bezos, the wealthiest person in the world. And the total value of all cryptocurrencies only keeps growing.
💡 Read Media Monitoring: The Ultimate Guide
Cryptocurrencies are here to stay, despite some doubts and naysayers surrounding them. The doubts are mostly tied to money not relying on any central authority such as a government or a bank. But, those could also be upsides to trading in cryptocurrencies, depending on your perspective. If you don’t have such doubts and are looking for a new way to invest your hard-earned cash, crypto might be an excellent opportunity for you.
But, once you get into cryptocurrencies, constantly staying up to date with all the crypto trends is a crucial precondition to being successful in your activities.
To stay on top of the latest crypto trends, you could check significant resources, such as Coinbase, or some other trading platform. However, there is an even better resource that you can benefit from – media monitoring.
In the next few minutes, we’ll explain what media monitoring is and why media monitoring tools should be your go-to advisor when it comes to cryptocurrencies.
What is Media Monitoring?
Media monitoring is a process of monitoring the web for mentions of your desired keywords.
In this case, media monitoring would mean monitoring the web for all online mentions of, say, Cardano, Ripple, Bitcoin, or some other cryptocurrency.
Media monitoring can be done manually, but that is a time-consuming and complicated process. Also, manually monitoring the web is lacking, as you cannot get all possible information about the mentions of your desired cryptocurrencies.
For example, try Googling “Tether.” It would take you days, if not months, to find all its mentions on the web. And that’s only the web – what about other sources, such as social media?
Then, it would take you months to manually analyze what is being said about Tether online. By the time you finished your analysis, the data you had gathered would be long outdated.
But thankfully, we live in the digital era, which also means that you should not do m edia monitoring manually. With media monitoring tools, you get all the mentions of your tracked keywords from all online sources at the palm of your hands, in just a few seconds.
With media monitoring tools, such as Determ, which tracks 100+ million online sources 24/7 from any language, you can always know what people are saying about your keywords of interest. You’ll also see the source of the mention and the sentiment – whether it’s a positive, negative or neutral mention.
Besides that, instead of waiting to see what happens in the crypto world, with media monitoring tools you can set alerts for mentions of your desired cryptocurrencies. For any mentions of your tracked keywords or changes in, say, prices or charts, you’ll get notified in real-time so you can make smarter investment decisions. And these are just some of the perks of tracking online mentions of your cryptocurrencies of interest.
Let’s dig deeper into all the whys and hows of using media monitoring for cryptocurrencies.
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Why is Media Monitoring Important for Cryptocurrencies?
If you think that manually catching up with the latest pieces on Coinmarketcap, Coindesk or some other website is enough, we’d advise otherwise. There are some major upsides to using media monitoring tools for looking at the latest crypto changes.
Here are some of them.
Make the best decisions
Being at the right place at the right time is invaluable in the crypto world. If a specific coin is trending, you want to be in the know so you can invest (or start selling) immediately before the trend changes.
You have immediate access to everything said online about any topic with media monitoring tools. The moment your coin starts getting new mentions, you get those mentions in a dashboard of a media monitoring tool.
As briefly mentioned above, manually following the latest crypto news is insufficient and untimely. A wiser option is to have media monitoring tools do all the work for you in just a few seconds. All you have to do is scroll through your media monitoring tool, watch as new mentions come in, and make the best-informed decisions.
Another great benefit of using media monitoring tools for tracking crypto-related topics and keywords is that you can get notified whenever your tracked keyword is mentioned. This allows you always to be informed about your mentions and new online trends and, in the long run, to prevent and know any possible crises or negative scenarios surrounding cryptocurrencies.
Determ’s Alerts feature is the best solution for these situations.
To put it simply, Determ’s alerts are real-time notifications you receive every time a new mention of your cryptocurrency (or whichever other keywords you’re tracking) appears online.
You can receive them on your email, Slack, or mobile app. With alerts turned on, you won’t have to worry about missing a mention even if you’re not logged in to the tool.
Why are Alerts important? Let’s rewind to last year when Tesla announced that they would start accepting Bitcoin as a means of payment again.
Just one tweet by Elon Musk was enough to increase the values of Bitcoin and Ethereum by 6 and 10%, respectively.
With a media monitoring tool, you can spot these situations immediately and make a crucial move. Imagine if you invested $10,000 in Ethereum because a media monitoring tool notified you as soon as Elon Musk made that announcement? You would make a $1,000 profit just by tapping into ongoing conversations.
Get essential information from all sources
It may be too late to react when important news hits a website like Coindesk.
There are many reliable crypto outlets, but remember that they are also news outlets and deliver news after something important happens. They summarize what happened to a particular coin and what caused it to soar in value or drop like crazy. If you follow crypto news outlets, you could be too late to act.
On the other hand, monitoring the web (including all your usual news outlets) and social media channels is a better alternative.
As changes happen in real-time, you get information from reliable sources and other traders and people discussing the market changes. You can be in the loop with all relevant sources and even find new references to check for essential crypto updates and tips.
For example, when scrolling through online mentions of Bitcoin in Determ, we came across this tweet:
When you click on a mention in your Determ feed, you are directed to the original source, in this case, the original tweet. If we were trading in Bitcoin, we’d check out the mentioned Twitter profile to see if we can learn something from it.
Identify influencers and engaging posts
The example above of Elon Musk and Tesla increasing the value of Bitcoin and Ethereum show why it’s essential to track what influencers are saying about specific cryptocurrencies.
When an influencer endorses a coin, it can make its price go up. Influencers have a platform to inform many people about coins that they think their followers should (not) buy. And they usually have a trust-based relationship with their followers. Their followers will gladly take their advice when investing in cryptocurrencies.
But, only following influencers on social media is not enough to know what they’re saying about coins. How could that affect the price of your coins of interest?
You can use media monitoring tools to gain deeper insight into influencers talking about crypto-related topics, whose opinions are more valuable, and whose predictions are more reliable.
For instance, when tracking all online mentions of your keyword(s) in Determ, you get a list of:
- Top influencers by number of mentions
- Top influencers by source
- Top influencers by reach
- Top influencers by sentiment
Within a few minutes, you’ll know who’s who on the crypto scene and whose advice is worth following.
Understand sentiment surrounding various cryptocurrencies
Furthermore, tapping into what people think about certain coins can be a game-changer for your marketing strategies if you have your own currency. Media monitoring allows you to follow your branded term and see what your investors think about you and how the public is reacting to your presence.
Or, if you’re interested in trading coins, it’s also important to know what people think of them and if they’re willing to buy them. As the demand for a coin increases, so does its price.
Media monitoring software, such as Determ, analyses the sentiment using artificial intelligence with each online mention. You can understand if other people mention your coin of interest positively, negatively, or neutral.
Keep an eye on the competition
Additionally, just like you’re trading crypto, so are other people. There are 106 million people in the world who own some cryptocurrency at the moment.
While they may not be your immediate competition, you can still learn from them since you’re on the same exchange.
Media monitoring tools allow you to keep up with other crypto exchange enthusiasts and follow their moves online. You can find out what they’re talking about, what they say is the next big hit, what will flop soon, and how they feel about certain cryptocurrencies.
If you own a cryptocurrency company, you can see what people think of your coins, services and how they feel about your competition.
How to Do Media Monitoring for Cryptocurrencies
You’re probably wondering how to get started with media monitoring for your favorite crypto with everything said above. You need a few seconds to sign up for a media monitoring tool. Once you’ve created your account, follow these steps to make the best crypto-related decisions. Let’s see how it looks in the example of Determ, which even offers a free trial.
#1 Choose the terms you want to track
As soon as you open Determ, you’ll see a screen that lets you choose the terms you want to track. You can let your imagination run wild here and enter any terms you wish. For example, you may want to track the Cardano coin to see how many online mentions it got recently.
Once you hit Enter, Determ starts digging into more than 100 million different sources. The tool finds all mentions of your cryptocurrency of interest in any language. Then, it delivers it to you in a clean report.
In a few seconds, you get all mentions of your cryptocurrency in a user-friendly feed.
#2 Display your data in a way that suits you best
You can now sort your mentions according to your preferred criteria. Be it date, reach, virality, the platform it came from, engagement, author, etc.
Using Determ’s Reports, you can present the data in a way that suits you best.
For example, if you’re tracking mentions of Binance Coin and want to analyze only mentions with a positive sentiment, you can filter your mentions by sentiment and get a chosen report in a few clicks. You can also dive deeper into demographical data attributed to your mentions and check which gender mentions your keywords more and which emojis they use.
You can also export your mentions in email, PDF, Word, etc. That way, you’ll have all critical data on your tracked cryptocurrencies at the palm of your hand, even without logging into the tool.
This is a great starting point to measure everything you need about a particular coin or a crypto trend. From what other people and influencers are saying about it online to predicting future trends – media monitoring has all the answers.
#3 Watch the new mentions come in
Once you’ve started tracking your keyword, for example, “Bitcoin,” you’ll get new mentions delivered in your Determ in real-time anytime it’s mentioned online.
Whenever it’s mentioned online, (newspaper articles, social media posts, comments, Reddit, forums, etc.), you’ll get a new entry in your dashboard.
#4 Reap the benefits of instant information
Hop on your favorite exchange and start trading with the information from a media monitoring tool that you’ll have at your fingertips. You’ll always be one step ahead of other traders and ready to make moves based on the latest information.
Being constantly and instantly informed about what’s going on in the crypto world also allows you to react quickly. And the quick and informed reaction is the key to crypto trading.
Start Tracking Relevant Crypto Mentions Today
Cryptocurrencies are an exciting financial landscape that doesn’t seem to be going away soon.
If you want to stay on top of the latest changes, trending coins, and crashes that may hurt your portfolio, reading the news and watching the exchange might not be enough anymore. Make sure to add media monitoring to your list of tactics. That way, you’ll ensure that you’re always in the know about the situation in your part of the crypto world.
To put all this theory into excellent practice, try Determ for a free 7-day trial, and see how it can be your go-to advisor in making the best decisions about cryptocurrencies.