Cryptonews Exclusives

Crypto Market Sentiment Sees a Minor Fall

Market Market Sentiment

Journalist

Sead Fadilpašić

Journalist

Sead Fadilpašić

About Author

Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

Author Profile

Last updated:

June 25, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

The cryptocurrency market sentiment is not going through any dramatic events lately. We saw it rise slightly to 4.68 last week, and this Monday the combined moving average 7-day market sentiment measure for the top 10 coins fell to 4.51/10, according to Omenics, a cryptocurrency market sentiment analysis service. This is less than where it stood two weeks ago (4.55).

The drop is visible in the scores of individual coins though, as all top 10 coins but one have joined Tether (USDT), which has been in the red for three weeks. The only one in the green is Tron (TRX), which pushed Stellar (XLM) out of the 10th spot. There are no coins in the negative or in the positive zone yet again, but Bitcoin Cash (BCH) and Binance Coin (BNB) are at the verge of the negative zone, while the only two coins to have scores above 5 are Bitcoin (BTC) with 5.4 and Tezos (XTZ).

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

Being the only one in green, with a rise in score of 1.1%, and re-entering the top 10 list makes Tron a clear winner this week. It has 5.9 in news and 5.4 in social, as well as 4.1 in fundamentals and 4 in buzz. It’s lowest score is 3.3 in technicals.

Two coins that have seen the largest drop in their Sentscores (7.6% each) are Tether and Tezos. Tether’s strongest aspect is news (6.3), followed by social (4.9) and buzz (4.3). Its weakest aspects are technicals and fundamentals, each with a Sentscore of 3.5. On the other hand, Tezos has got 6.4 in technicals and 6.2 in buzz, while it’s also got 5.4 in news and 5.2 in social. Its only low score is in fundamentals with 3.5/10.

However, in the last 24 hours, BTC’s Sentscore is a positive 6.1, with a change of 6.5%. All but BNB and XTZ are in green. USDT, EOS and TRX have scores above 5, and no coin is at the verge of the negative zone.

Daily Bitcoin Sentscore change in the past month:

Now, observing the 7-day average scores of the other 29 coins tracked by Omenics, besides the top 10 list, no coins are in the positive zone, five are in the negative zone, and four again have 5-5.1 scores.

___

* – 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.