06 Sep 2021 · 2 min read

Crypto Market Sentiment Almost Unchanged in a Week

Source: iStock / Easyturn

 

The average 7-day moving crypto market sentiment is almost unchanged this week and remains close to the somewhat positive zone, according to data by crypto market sentiment analysis firm Omenics.

This week, the average 7-day moving crypto market sentiment score for ten major cryptoassets slipped from 5.94 last Monday to 5.89 today. While most top coins did not go through a significant change in sentiment, two outliers were USD coin (USDC) and XRP. USDC market sentiment dropped by 17% and currently is on the verge of the neutral zone and leaning towards somewhat negative - the worst score amongst the ten. At the same time, XRP sentscore got trimmed by almost 5% but the asset still remains in the neutral zone at 5.3.

Speaking for top performers, polkadot (DOT) raised its market sentiment by 2%, up to a somewhat positive score of 6.4. Meanwhile, market leaders bitcoin (BTC) and ethereum (ETH) had a relatively idle week, as their sentscores remain entrenched in the somewhat positive zone with minimal change compared to the last week. The same goes for other top coins above the neutral zone - the sentiment surrounding cardano (ADA) is at 6.2, while chainlink (LINK) sits at 6. 

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.

Source: Omenics, 11:31 UTC

Looking at the past 24 hours, they were most generous for tether (USDT), whose score has increased by 5.5%, up to 5.7. XRP also has been doing well, as its sentiment went up by 4%, reaching a neutral score of 5.3 today. On the other hand, ADA’s sentscore has dropped by almost 5% and is reaching a neutral 5.8. Somewhat positive coins in the recent 24-hour window are BTC with 7.4, ether with 6.6, DOT with a score of 6.2, uniswap (UNI) with 6.2, and LINK with 6.3. The average 24-hour score for the 10 major crytpoassets stands at neutral 5.94, slightly higher than last Monday when it was at 5.88.

Daily Bitcoin sentscore change in the past month:

Source: Omenics

When it comes to the other 25 coins measured by Omenics, the best performer during the last seven days was ontology (ONT). Its sentscore grew by 9% although it still remains in the neutral zone with a sentscore of 4.9. Tron’s (TRX) sentiment appreciated by 8%, and is reaching 6.2 today. On the negative side of the measurement scale there are zcash (ZEC) with an 11% drop to 5.1, synthetic (SNX) with a negative 9% correction towards 5.4, and EOS at 5.5, lower by almost 6% since the beginning of last week.

 

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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 35 cryptoassets.