Crypto Market Sentiment: Drop Deeper into the Neutral Zone
On Monday, the total crypto market sentiment dropped compared to last week, with the current average score being 5.18, comparing to last week’s 5.79 – the lowest it’s been in the last four weeks – according to Predicoin, a crypto market sentiment analysis service.
Out of the top 10 cryptocurrencies by market capitalization, Bitcoin remains undefeated at the very top of the list for the eight consecutive week at least, with a score of 6.7 (down from last week’s 7.1), while Stellar remains at the bottom with the lowest Sentscore of 4.1, down from 4.7. Only Bitcoin and EOS remain in the somewhat positive zone, and there are no coins in the negative range this Monday as well, after Predicoin adjusted its methodology (previously, 2 to 4.5 was considered as the somewhat negative zone).
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
Interestingly, not a single coin saw a rise of their respective score. In terms of change over the course of the week, we can only talk about the biggest and smallest drops. Binance Coin saw the biggest drop with 11.7%, followed by XRP with 10.2% drop (after its 10.3% rise last week). Binance Coin’s technical side has a score of 4.5, while the news and social scores are at 5.6 and 5.5 respectively. Meanwhile, XRP has a strong social side with a high score of 6.3, followed by news at 5.9, and buzz at 5.7, but its weakest aspects remain technical at just 2.4 and fundamental at 4.4.
Ethereum was last week’s biggest drop with 9.9%, but this week it saw the smallest decrease in score with 2.3%. It has quite a few high scores: fundamental is at 6.5, buzz at 6.2, while social and news are both at 5.8. The weakest side is technical with the score of 3.8. EOS is right after Ethereum this week in the smallest drop category, with 4.9%. Unlike Ethereum, however, EOS earned all high scores: technical at 7, news at 6.6, buzz at 5.8, social at 5.6, and fundamental at 5.2.
* - Methodology:
Predicoin 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, “Predicoin 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, “Predicoin 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 30 cryptocurrencies.