The article analyses the impact of speculation on the cryptocurrency market. In the introduction, the author interprets the meaning of the speculation and a speculator’s way of thinking. The literature review was broken down into two aspects. The first is to analyse the literature on the subject in terms of the cryptocurrency market. The second is an analysis of the sentiment index, which becomes the primary research method. The analysis of the sentiment value shows a high correlation between the impact of sentiment on the value of cryptocurrencies. Further recommendations are to analyse the sentiment with regard to listed companies (Polish and international) and stock indices (including the forex market).