Crypto Market Sentiment is Finally Showing Signs of Recovery
After four weeks of tumbling down, the cryptocurrency market sentiment has finally seen a slight rise. The combined moving average 7-day market sentiment measure for the top 10 coins is up from last week’s 4.3/10 to this week’s 4.55, according to Omenics, a cryptocurrency market sentiment analysis service.
We find eight out of the top 10 coins in green this week. Only two coins have seen a drop in their scores in this period of time, these being Tether (USDT) and Bitcoin Cash (BCH). More importantly, while four coins found themselves in the negative zone a week ago, all of them are back in the neutral zone now. Additionally, three coins have scores above 5: USDT, Bitcoin (BTC) and Tezos (XTZ) which now occupies the 10th spot.
Sentiment change among the top 10 coins*:
Interpreting the Sentscore’s scale:
– 0 to 2.5: very negative
– 2 to 4: somewhat negative zone
– 4 to 6: Neutral zone
– 6 to 7.5: somewhat positive zone
– 7.5 to 10: very positive
The two wining coins this week are Stellar (XLM) and EOS (EOS), having risen 15.3% and 15.2% respectively. It can also be argued that Tezos, the best performing coin among the top 20, is a winner as well, which, though rising only 1.8%, nonetheless managed to push out the now-12th-placed Tron (TRX) out of the top 10 list, surpassing the 11th-placed Cardano (ADA) as well. The highest score Stellar got is in news (6.2), followed by social (5.1), while its lowest scores were in fundamentals (3.7), buzz (2.9) and technicals (2.2). EOS’s highest grade this week was also in news with 6.5, while its lowest is in technicals with 3/10. When it comes to Tezos, it got 6.9 in news and 6.7 in technicals, but only 3.4 in fundamentals.
Daily Bitcoin Sentscore change in the past week:
As said, BCH with a drop in its Sentscore of 3.1% and last week’s winner Tether with -4.9% are this week’s losing coins. BCH got 6 in news and 5.1 in social, but 3.9 in buzz, 2.8 in fundamentals and 2.5 in technicals. Similarly, Tether has got 6.2 in news, 5.3 in social and technicals, as well as 4.3 in buzz and 3.4 in fundamentals.
Meanwhile, Compared to BTC’s 5.5 score for the last week, its Sentscore for the past 24 hours is a positive 6/10. Also, USDT is up to 5.4 and XTZ to 5.7. Other coins have also seen a rise in their respective scores, though remaining in the 4.3-4.9 range.
Observing the 7-day average scores of coins outside the top 10 list, four out of 29 have scores above 5, no coins are in the positive zone, while seven others are within the negative zone.
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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 39 cryptocurrencies.
