After approaching the positive zone last week, the market sentiment stopped in its tracks it seems – not moving either way. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins remained 5.91 – exactly where it was a week ago, as shown by the data provided by crypto market sentiment analysis site Omenics.
The 4:6 situation is continued this week as well, with the coins alternating between red and green. We have four green coins this time around, with binance coin (BNB) standing at the top. Its sentscore is the only one that went up by a double-digit percentage, 13.7%. It’s followed by XRP, cardano (ADA), and tether (USDT), in that order.
Meanwhile, polkadot (DOT) is the only one that’s still in the red since last week, and it’s joined this time by the two biggest coins, bitcoin (BTC) and ethereum (ETH), as well as the remaining major ones, uniswap (UNI), litecoin (LTC), and chainlink (LINK). This last one is the coin whose sentscore dropped the most in the past week, -8%. Compared to this, ETH’s score fell less than 1%.
BTC, ETH, UNI, and DOT remain in the positive zone, though all of their sentscores have dropped. While BTC leads as the only coin with a score above 7, ETH is near that zone, while the other two fell to 6.1 from 6.4 and 6.2, respectively. That said, BNB and ADA are now on the verge of positive zone, boosted by their latest increase.
As XRP now has a score above 5, USDT is the only one left with a sentscore below this zone despite its increase this week.
Sentiment change among the top 10 coins*:
Interpreting the sentscore’s scale:
– 0 to 2.5: very negative
– 2 to 3.9: somewhat negative zone
– 4 to 5.9: neutral zone
– 6 to 7.49: somewhat positive zone
– 7.5 to 10: very positive zone.
The 24-hour sentscore for the 10 major coins saw a minor drop compared to last Monday: from 5.82 to 5.78, thus sitting pretty close to its score from two weeks ago. Tether is the only coin whose sentscore is up today, and significantly so: 9.5% to the score of 5.6, finally entering the 5-6 zone. Litecoin was not that lucky, as its 13% drop – the highest on the list – pushed it below the score of 5. Meanwhile, ADA joined the mentioned four in the positive zone, while BTC is sitting at 7, risking to drop below it for the first time in a while.
Daily Bitcoin sentscore change in the past month:
Outside of the top 10, it’s a lot more mixed bag when it comes to the remaining 26 coins rated by Omenics. 13, or half, have seen their sentscores rise in the past week, with 6.3 being the highest score among them, received by EOS and NEO each. Among the other half, the drops have been larger, with two coins standing neck-to-neck when it comes to the highest percentages: NEM (XEM) with -13% and compound (COMP) with -13%. NEM’s drop pushed it below the grade of 5, now being the only coin there. Five coins are in the positive zone, the same number as last week, but with a change in coins: while algorand (ALGO) and vechain (VRT) remain, they’re now joined by cosmos (ATOM), monero (XMR), and tron (TRX).
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* – Methodology:
Omenics measures the market sentiment by calculating the sentscore, which aggregates the sentiment from news, social media, technical analysis, viral trends, and coin fundamentals-based upon their proprietary algorithms.
As their website explains, “Omenics aggregates trending news articles and viral social media posts into an all-in-one data platform, where you can also analyze content sentiment,” later adding, “Omenics combines the 2 sentiment indicators from news and social media with 3 additional verticals for technical analysis, coin fundamentals, and buzz, resulting in the sentscore which reports a general outlook for each coin.” For now, they are rating 36 cryptocurrencies.
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