Crypto market sentiment had managed to re-enter the positive zone last week – but did not manage to stay there. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins is now 5.94, down from 6.08 seen a week ago, according to the data provided by market sentiment analysis service Omenics.
Only two coins’ sentscores are up this week, and it’s the two stablecoins: USD coin (USDC) with a rise of 9% and tether (USDT) with almost 2%. While the latter is over the grade of 5 with the rest of the list, the former’s substantial rise still wasn’t enough to pull its weekly sentscore into the 5-5.9 territory.
As for the drops, they are relatively smaller in comparison. The highest among these is litecoin (LTC)’s almost 5%, followed by binance coin (BNB)’s 3%. While both XRP and polkadot (DOT) are down almost 3%, followed by ethereum (ETH)’s 2%, cardano (ADA) and bitcoin (BTC) are down more than 1%. Lastly, uniswap (UNI)’s score fell the least, only 0.4%.
Compared to last week’s six, five are now in the positive zone, these being BTC, ETH, DOT, ADA, and UNI, respectively. While the remaining four stand between 5.4 and 5.7, USDC is now at 4.8.
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 situation in the past 24 hours is redder as well. The overall sentscore for the 10 coins in the past day is now 5.88, compared to last Monday’s 6.22. That said, four coins are red, led by the day’s winner – USDC’s -8%. The smallest drop is ETH’s -0.3%. On the other side are the green coins. The highest rise in sentscore we see here is 5% by XRP, while DOT is almost unchanged in a day. Nonetheless, despite the overall sentscore dropping out of the positive zone, four coins are still there, these being: BTC with 7.2, as well as ETH, ADA, and DOT, with 6.4 each. While the rest are in the 5.1-5.9 zone, USDC is back below the score of 5, now standing at 4.4.
Daily Bitcoin sentscore change in the past month:
Lastly, when it comes to the 25 coins outside the top 10 list, only nine are green over the past seven days. These are led by monero (XMR)’s rise of 21%. Meanwhile, the second-placed OMG is up 9%. The smallest rise is recorded by 0x (ZRX), of just 0.1%. The highest among the drops in sentscore is synthetix network token (SNX)’s -7.7, closely followed by WAVES’ -7%, while the smallest drop is recorded by QTUM, with -0.6%. Only four coins are now in the positive zone, compared to last week’s ten. However, compared to last week’s four, two coins are now below the score of 5, meaning that two more joined the majority of the 25, which reside in the 5-5.9 territory.
* – 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 35 cryptoassets.