Crypto Market Sentiment Continues its Rise; Bitcoin and XRP at the Top
This has been another good week for the top 10 coins by market capitalization, as their combined 7-day market sentiment measure, Sentscore, went up for the third week in a row. Last Monday, we left it at 4.89/10 and found it at 4.94 today, settling deeper into the neutral zone, according to Omenics, a crypto market sentiment analysis service.
There are no coins in the negative range this week again, with four claiming scores above 5, down by one in a week. Though Bitcoin (BTC) is used to being the coin with the highest score, it’s joined today at the top by Ripple (XRP), each having been graded with 5.5. The former's score is down by 0.1, while the latter’s score is up by 0.2 in the last seven days. Stellar (XML) and Tron (TRX), are not far behind, with a Sentscore of 5.3 each. While only Tether (USDT) saw a decrease in its score last week, five coins are in the red and five in the green this 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
This week’s winner, claiming the largest rise in its Sentscore over the last seven days is Stellar, going up by 7.2%. It’s followed by Binance Coin (BNB) with a rise in its Sentscore of 6.7%. Stellar’s got a high grade of 7/10 in news, while it has neutral 5.4 and 5.1 in social and technicals, respectively. Its lowest scores are in fundamentals 3.8 and in buzz 3.1. Looking at Tron’s scores, we find 6.9 in news, 6 in social, and 4.2 in technicals, as well as 3.9 in fundamentals and 3.5 in buzz.
On the other hand, the largest drop in the past seven days belongs to EOS (EOS) with -5.2%, while the second place in this category is taken by Litecoin (LTC) with a drop in its overall Sentscore of -3.5%. EOS’s highest-graded aspect is news (6.1), while its lowest-graded is technicals (3.2). The remaining three aspects have scores between 4 and 4.4. For its performance in the last seven days, LTC got 5.5 in news and 5.1 in social, but also 3.6 in fundamentals, 3 in technicals, and 2.5 in buzz.
Looking outside the top 10 coins and at the 29 other coins that are currently tracked by Omenics, we find that four are in the negative zone this Monday (Komodo (KMD), Holo (HOT), Lisk (LSK), and Waves (WAVES)), and four are within the 5-5.6 range (Dogecoin (DOGE), Basic Attention Token (BAT), Nano (NANO), and 0x (ZRX)).
* - 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.