How can we predict the impact of the social media messages on the value of cryptocurrency? Insights from big data analytics

Cryptocurrency and blockchain are one of the most beautiful digital transformations occurring around the world. They have changed the orthodox meaning and working of currency as we know it. It is interesting to note how it excites and worries some. The main reason for the popularity of cryptocurrencies is tremendous returns in very little time. Social media platforms like twitter, provide a safe-place where individuals’ can share their thoughts as well as mindsets, which then can be heard and be reciprocated by others. This paper aims to draw a correlation between the hyped tweets and the prices of cryptocurrencies like Bitcoin - The Crypto King and Dogecoin - The Memecoin during those times. We also aim to predict the future price values of Bitcoin using its past values. By using cryptocurrencies’ financial data, twitter data, RAPIDS and cuml, a fine line can be drawn between the amount of impact tweets have on people as well as on the market. The tweets on cryptocurrency were segregated and price forecasting was done using augmented dickey fuller test and ARIMA models, 10 future values of bitcoin were predicted with 96% accuracy and 0.0395 average error.Besides, from the investigations above of the authentic cost of BTC, it is perfectly clear that there have been way more steep falls in the history of Cryptocurrencies even before Elon started tweeting about it. Thus, it can clearly be stated that no one person can control the utter volatile world of cryptocurrencies! And the decentralized system ledger of cryptocurrency remains unharmed.