Crypto Market Sentiment Almost Unchanged, Ethereum Enters Positive Zone
Cryptocurrency market sentiment remains in the neutral zone after taking a dive last week. According to the crypto market sentiment analysis tool Omenics, the combined moving 7-day average market sentiment score for the top 10 coins has slightly increased. It went from last week’s 5.08 to 5.13/10 this week, with Ethereum (ETH) joining Bitcoin (BTC) in a positive sentiment zone.
While the cryptocurrency market capitalization has been gradually dropping, four out of six top 10 coins have improved general perception. The most significant sentiment increase has occurred for ETH, which gained 8.4% and lifted its 7-day sentscore to 6.3, and Binance Coin (BNB), whose market sentiment rose by 8.2% and now is at 5.4. Tezos (XTZ) and Litecoin (LTC) have also increased their sentiment by 6.3% and 5.3% respectively and remain within the neutral zone.
Meanwhile, BTC remains at the top of the list and well in the positive zone, having registered a slight drop from 6.9 last week to 6.8 today. Another coin whose sentiment hasn’t moved much last week is Cardano (ADA), which sits on the verge of a somewhat positive zone with a score of 5.9 after dropping by 1% last week.
Last week was not good for EOS, as the project tumbled down into the somewhat negative zone (3.8). The same goes for Bitcoin Cash (BCH), which lost 3.5% of its score. These two cryptoassets are the only ones in the negative zone at the start of 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
Looking at the 24-hour sentscores for the top 10 cryptoassets, the market sentiment seems to be worsening after BTC broke the USD 9,000 support. Most of the coins, except for Bitcoin Cash and Cardano, are in the red. Together, they make up a 24-hour average sentscore of 5.08, which is lower than the 7-day one. At the time of writing, Bitcoin Cash has the lowest sentiment amongst the top 10 coins with a negative 3.6.
Daily Bitcoin sentscore change in the past month:
Outside of the top 10 coins list, there were more coins that had a good week than coins that had a bad one sentiment-wise. Komodo (KMD) leads the list of increases, as its 7-day sentscore has gone up by 20% and finally pushed the projected out from the negative zone. It was followed by Zcash (ZEC), Icon (ICX), and OmiseGo (OMG), who had also increased their sentscore by double-digits. Nano (NANO) remains the only non-top-10 project with a positive 7-day moving average sentscore of 6.5, while no coin outside of the top 10 starts the week in the negative zone.
* - 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.