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Crypto Market Sentiment and 5 of Top 10 Coins Enter the Positive Zone

Crypto Market Sentiment and 5 of Top 10 Coins Enter the Positive Zone 101
Source: iStock/Nikada

With the market rallying over the past week, and bitcoin (BTC) breaking one all-time high after another, the market sentiment entered the positive zone and stayed there even after a sharp correction this Monday. The combined moving 7-day average crypto market sentiment score (sentscore) for the top 10 coins jumped from 5.59 recorded last week to 6.12 seen today, according to crypto market sentiment analysis service Omenics.

The last time the combined sentscore was in the positive zone was early December 2020, but it spent only a week there, and before that, the same thing had happened in mid-October.

Today we see every single coin's sentscore in the top 10 category green. Four stand out, as they've had double-digit rises, and all above 20%. Stellar (XLM) is the week's winner, having gone up 27.6%. It's followed by last week's looser XRP with 24.3%, as well as chainlink (LINK) and tether (USDT) with 23.9% and 23.6%, respectively. The remaining coins went up between cardano (ADA)'s 9.9% and bitcoin's 1.6%.

There are more positive developments, however, as five coins are in the positive zone now. Bitcoin is nearing the score of 8, now standing at 7.8, while ethereum (ETH) hit the score of 7. Polkadot (DOT) is up to 6.6, cardano got 6.4, while litecoin (LTC) has a sentscore of 6. All remaining coins have sentscores between 5.5 and 5.7, except XRP - but it too is at the verge of grade 5 now, sitting at 4.9 compared to last weeks 4.

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

Crypto Market Sentiment and 5 of Top 10 Coins Enter the Positive Zone 102
Source: Omenics, 13:08 UTC

Meanwhile, in the past 24 hours, the sentiment has worsened (e.g. -4.5% for BTC, -5% for ETH), however, it still remains in the positive zone.

Daily Bitcoin sentscore change in the past month:

Crypto Market Sentiment and 5 of Top 10 Coins Enter the Positive Zone 103
Source: Omenics

Lastly, when we observe the coins outside the top 10 list, we find a rarely seen level of greenery. Out of the 26 coins, only monero (XMR) is red, and its sentscore dropped nearly 11%. Meanwhile, tezos (XTZ) went up the most - nearly 33%, and synthetix (SNX) the least - 3.2%, the latter still moving up within the positive zone. Several other coins saw increases to their scores of over 20%. Furthermore, seven coins are in the positive zone, most others have scores above 5 with only 2 below it, and none are in 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 36 cryptocurrencies.

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