Crypto Market Sentiment Down for Third Week in a Row

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Sead Fadilpašić

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Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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June 26, 2023 06:55 EDT

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Crypto market sentiment dropped for the third week in a row, now standing quite close to the bottom line of the 5-6 range. The average 7-day moving crypto market sentiment score (sentscore) for ten major cryptoassets is 5.18 today, whereas it was 5.22 a week ago, according to data provided by the market sentiment analysis service Omenics.

Only four of the ten coins are in green, with tether (USDT) taking the lead once again, having risen 6% over the past seven days. Right behind it is algorand (ALGO) with an increase to its sentscore of 5%, followed by ethereum (ETH)’s almost 4% and cardano (ADA)’s 2%.

On the other hand, crypto.com coin (CRO) is this week’s coin with the biggest loss, having seen a drop to its sentscore of almost 11%. Polkadot (DOT), XRP, and USD coin (USDC) follow it, with drops of over 6%. The least to decrease are binance coin (BNB) and bitcoin (BTC) with 3% and 2%, respectively.

Meanwhile, there has been another shift in the top spot. Ethereum’s rise in combination with bitcoin’s drop, allowed ETH to push to the number one spot on this list, with a score of 6.3, compared to BTC’s 6.1. No other coin is in the positive zone. Four are in the 5-5.7 range, and four are in the 4.3-4.7 range.

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.

Meanwhile, the 24-hour sentscore is currently 4.74, compared to 4.95 recorded last Monday. All but one coin are down today. This one green coin is XRP, the score of which is up by 3%, making it the day’s winner. The drops are large in comparison. The highest among these is BNB’s 9%, followed by ETH’s 6%. The smallest are USDC’s 1% and BTC’s 0.7%. Meanwhile, only four coins now have scores above 5, these being BTC (5.6), USDT (5.6), ETH (5.3), and ALGO (5.3) – meaning that there are no coins in the positive zone. On the other hand, there are no coins in the negative zone either yet, even though ADA is on the verge of it with a score of 4. Other coins have sentscores between 4.1 and 4.6.  

Daily Bitcoin sentscore change in the past month:

Omenics rates 35 coins in total, so looking at the 25 coins outside the top 10 list, we find that most of their sentscores have dropped over the past week: 15 to be precise. Vechain (VET) and litecoin (LTC) dropped the most – over 9%. The lowest is synthetix network token (SNX)’s 1%. The highest among the increases is WAVES’s 16%, while the second-placed monero (XMR)’s score is up 8%.  The smallest one is 0.6% by OMG. That said, OMG remains the only coin in the negative zone, as its increase wasn’t enough to push it from 3.9 over the 4 mark. The majority of the coins on this list sit in the 4-4.9 zone, six have scores between 5 and 5.6, and there are no coins in the positive zone.

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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 35 cryptoassets.