Crypto Market Sentiment: Bitcoin is the Only One in the Positive Zone
This week, the crypto market sentiment measure, Sentscore has risen slightly for a second week in a row, now being at 5.32, compared to last Monday’s 5.29, according to Omenics , a crypto market sentiment analysis service. It remains to be seen if the steady rise is a part of a longer trend.
While there are no coins in the negative zone yet again this week, the streak of two coins in the positive zone is now broken. Bitcoin, holding the number one spot among the top 10 cryptocurrencies by market capitalization, is yet again the only coin in the positive zone, with the highest Sentscore on the list of 7.6/10, up from 7.5 it got this time last week.
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
The “all but three” streak is broken as well, as all but four coins are down this time. The four who are up are Bitcoin (+1.1%), Stellar (+2.7%), Tether (+4%), and the winner in this category, Binance Coin, which saw a rise of 9.9%. Binance Coin’s strongest aspect is news, which received a score of 7.2. Its fundamental and buzz are at 5.5 and 5.3 respectively. However, it got only 4.9 in social and only 4 in technical.
The three with the largest drop are Ethereum (-8.5%), Litecoin (-10.1%), and EOS (-13%). Ethereum’s news is strong with a score of 7.3. But it’s technical is only 2.3. Similarly, Litecoin has 6.8 in news, but 4 in fundamental. EOS’s highest score is also in news with 7.4. Its social is at 5.2, while both buzz and fundamental got 4. Technical, however, is EOS’s weakest point, with a low grade of 2.2.
Out of the 30 coins that are currently tracked by Omenics, there is another rise in number of coins in the somewhat negative zone, now there being six, comparing to last week’s four coins.
* - 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 30 cryptocurrencies.