Crypto Market Sentiment Breaks Drop Streak, BTC & ETH in Positive Zone
Following several weeks of back-to-back drops, the crypto market sentiment has improved slightly – and is back above the score of 5. The average 7-day moving crypto market sentiment score (sentscore) for ten major cryptoassets is now 5.17, up from last week's 4.8, according to the data provided by the market sentiment analysis service Omenics.
The list of the ten cryptoassets looks much greener this week – which wasn’t that hard to accomplish, given that it was entirely red this time last week. Now, all but two coins have seen their respective sentscores rise. Three coins battled for the top spot, with their sentscores being quite close to each other, but ultimately XRP won, becoming this week’s leader of the list and overall winner (+14%), and it is followed by uniswap (UNI)’s 13%, as well as USD coin (USDC)’s 13%.
Other coins have seen single-digit increases, the highest being cardano (ADA)’s 9%, preceding tether (USDT)’s almost 7%. Meanwhile, bitcoin (BTC) is up almost 6%, ethereum (ETH) 5%, and binance coin (BNB) 2%.
When it comes to sentscores in the positive zone, there’s green news on that front as well: BTC and ETH are back in that zone (6). More coins also have scores above 5, while BNB remains the only coin in the negative zone – though its score too has seen a rise from 3.6 to 3.8.
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.
The 24-hour sentscore for the top ten coins has made a larger jump, now being 5.9 – just on the verge of the positive zone – compared to last Monday’s 4.76. USDC is the only red coin, having dropped 2% over the past day. The highest increase is seen in XRP's sentscore, of 9%, followed by BNB's 8%. BTC is up 5%, while ETH has the second-lowest percentage of 0.9%, behind UNI's 0.4%. Four coins are in the positive zone today: BTC, ETH, DOT, and UNI with 7.4, 6.9, 6.3, and 6.1, respectively. While the other coins have scores between BNB’s 5.2 and ADA’s 5.9, USDC sits at 4.2.
Daily Bitcoin sentscore change in the past month:
Zooming out to observe the 25 coins outside the top 10 list, we find that a small majority of them have increased over the past week: 14 to be precise. The highest among these green sentscores is yearn.finance (YFI)’s 9%, while the lowest is chainlink (LINK)’s 1%. Meanwhile, the highest drop belongs to EOS with -9%, while the lowest drop on this list is zcash (ZEC)'s -0.9%. Only one coin is in the positive zone, that being REN with a sentscore of 6. Most coins are in the 4-4.9 range, as only seven have scores of 5 and above, while two – down from last week’s four – are in the negative zone, and both were among the best performers a week ago: QTUM with 3.9 and 0x (ZRX) with 3.8.
* - 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.