Crypto Market Sentiment Improves; EOS is the Week’s Winner
The combined moving 7-day average crypto market sentiment score (sentscore) for the top 9 coins by market capitalization stands at 5.92 – higher than last week (5.68) and on the verge of the positive zone, as the data by crypto market sentiment analysis service Omenics show.
This week it doesn’t include bitcoin cash (BCH) which went through another hard fork a week ago.
In either case, large majority of the coins have seen their individual scores increase over the past seven days. At the very top is EOS, reaching a nearly 20% rise. It’s followed by binance coin (BNB) and XRP, while the smallest of the double-digit rises is seen by litecoin (LTC) whose score increased 10%.
Compared to last week’s two, four coins are in the positive zone now: bitcoin (BTC) and ethereum (ETH) are joined by XRP and LTC.
On the other hand, two coins ended the week in red. Tether (USDT) dropped again and nearly 13%. It was joined by chainlink (LINK)‘s 2.8% fall, though USDT stands as the only coin below the grade of 5 (save for BCH).
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
Meanwhile, in the past 24 hours, the combined sentscore for these 10 coins is 5.58, and not counting BCH’s 0, it’s up to the positive 6.2. Moreover, 6 out of the 10 are in the positive zone, with cardano (ADA) and BNB joining the four-coin team above. And while EOS and and LINK are at the boundary of the positive zone with a score of 5.9 each, USDT is still below 5. All this said, only ADA and BNB saw (slight) rises in the past day, while the high scores of others are actually results of drops.
Daily Bitcoin sentscore change in the past month:
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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 39 cryptocurrencies.
