Crypto Market Sentiment Back to Pre-Crash Level; Bitcoin Reigns Alone
It has been an interesting past week for the Cryptoverse, seeing both a crash and a rally. The combined 7-day Sentscore for the top 10 coins by market capitalization didn’t rise for the fourth week in a row, but it didn’t drop either. It’s still at 4.94/10, where we saw it last Monday, according to Omenics, a crypto market sentiment analysis service.
This doesn’t mean, however, that there weren’t changes in the individual coins. Five out of the ten have scores above 5, with Bitcoin (BTC) taking the lead with a score of 5.6, up from last week’s 5.5. Unlike last week though, it’s not sharing the throne with XRP any longer, as XRP dropped to a score of 5.3. The remaining five coins have got Sentscores between 4.3 and 4.9.
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
Just like last week, we see five scores in the green and five in the red. Let’s check out the former first. The coin who saw the largest increase in its Sentscore over the last seven days is Tether (USDT) with a rise of 8.4%, while EOS is in a distant second place with a rise of 3.7% - both of which were in the red last Monday. When it comes to the remaining green coins, BTC, Ethereum (ETH), and Bitcoin Cash (BCH) saw an increase in their scores by 0.7%, 0.8%, and 0.9%, respectively. Tether has seen the highest scores in news (6.5) and technicals (5.9), while its lowest is 3.4 in fundamentals. Similarly, EOS’s score in news is 7/10, but its technicals got only 3.5.
When it comes to the red coins, we see a reversal here too, as the last week’s winners are this week’s losers. The largest drop in the past seven days is seen by Stellar (XLM) with -6.2%, followed by XRP with a drop in its Sentscore of -4.2%. The remaining three coins are Tron (TRX), Binance Coin (BNB), and Litecoin (LTC), which have dropped 3.6%, 1.2%, and 0.3%, respectively. While Stellar got 6.3 in news, it also got only 3.1 in buzz. The situation is very similar with XRP, which has 6 in news as its highest score and 3.2 in buzz as its lowest.
When we look at the other 29 coins that are currently tracked by Omenics, besides the top 10 coins, we find 16 of them within the 5.1-5.8 range, while only two are in the negative zone: Komodo (KMD) and Holo (HOT).
* - 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.