Crypto Market Sentiment: BTC Out of Positive, Tether in Negative Zone
The crypto market sentiment measure, Sentscore, went deeper into the neutral zone yet again, moving closer to the negative zone, now standing at 4.43, comparing to the last week’s 4.87, according to Omenics , a crypto market sentiment analysis service.
The biggest surprise this Monday is that Bitcoin, even though still on the number one spot among the top 10 cryptocurrencies by market capitalization, is no longer in the positive zone which it inhabited for weeks, usually as the only coin to have that honor, only occasionally joined by one other coin. It has the highest Sentscore on the list nonetheless: 5.6, down from 6.2/10, and is the only one in the 5-5.9 range.
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 coin with the largest rise in score this week is Cardano (+9.5), followed by the last week’s winner EOS (+7.2%). Cardano was in the negative zone last week, and now it climbed back onto the top 10 list, occupying the 10th place. Its strongest aspect is social (4.6), but its weakest is technicals at only 2.9/10. EOS has better individual scores, its highest being in news (5.8), and the lowest also in technicals (3.5).
The coin that saw the largest fall is Tether, with -12.5%. Unlike the winners, this loser actually has the highest score in technicals (4.8), followed by news (4.7), and its weakest aspect is fundamentals with a score of 3.3/10.
However, it could be argued that the coin that was pushed out of the top 10 list – from the 9th to the 11th place – is this week’s biggest loser, and that would be Tron, with a drop of 17.8%. Its score of 4.2 in social is its highest, and 2.8 in technicals the lowest.
Out of the 40 coins that are currently tracked by Omenics, eleven (down from last week’s eighteen) are in the negative zone, while TUSD and NANO have scores of 5.2 and 5.6 respectively, as the only two coins in this range besides BTC.
* - 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 40 cryptocurrencies.