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Crypto Market Sentiment: Deep within the Neutral Zone

Crypto Market Sentiment: Deep within the Neutral Zone 101
Source: iStock/monsitj

The crypto market sentiment measure, Sentscore, stands this Monday deep within the neutral zone, at 4.87, according to Omenics, a crypto market sentiment analysis service.

The only coin in the positive zone remains Bitcoin, holding the number one spot among the top 10 cryptocurrencies by market capitalization. It has the highest Sentscore on the list: 6.2/10.

Half of the coins, however, have found themselves in the 4-4.9 range. Only three are in the 5-5.9 range, and one coin fell into the negative zone – Bitcoin Cash (BCH) with a score of 3.9.

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

Crypto Market Sentiment: Deep within the Neutral Zone 102
Source: Omenics, 12:25 PM UTC

The only coin that saw a rise, even if a minor one, this week is EOS (+1.7%) – which makes it this week’s undisputable winner. EOS’ strongest aspect is news at 5.8/10, while its social and fundamentals got scores of 4.9 and 4.5 respectively. EOS’ buzz is somewhat weaker, getting only 4/10, but its weakest point by far is technical, having a low score of only 2.7/10.

Crypto Market Sentiment: Deep within the Neutral Zone 103
Source: Omenics

The rest of the coins on the top 10 list have dropped, but the coin to see the largest fall is ETH (-18.7%), followed by BTC (-12%) and BCH (-11%). The remaining coins saw single-digit drops. Ethereum has a high score in fundamentals (6/10), but its technical is only 3.2. The remaining aspects are all in the 4-4.9 range. Though seeing a bigger drop this week, BTC still has relatively high scores in all its aspects – none below 4. Its fundamentals are at enviable 9.1/10, and the lowest score it got is 4.3 in news. The only coin in the negative zone, BCH, has rather low scores overall this week. Its highest score is 5.2 in news and lowest 2.9 in technical and fundamentals.

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Out of the 45 coins that are currently tracked by Omenics, eighteen are in the negative zone, most prominently Cardano, which is now at the 11th spot by market capitalization, behind Stellar, with a weak sentscore of 3.5/10 and a drop of -13% in the past week.

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* - 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 45 cryptocurrencies.

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