Crypto Market Sentiment Drop Softened Today; BTC Left Positive Zone
The average crypto market sentiment measure, Sentscore, for the top 10 coins dropped further this Monday to 4.37, below last week’s 4.76 and even below 4.43 from three weeks ago, according to Omenics, a crypto market sentiment analysis service. However, the sentiment improved sharply in the past 24 hours.
While Bitcoin still occupies the number one spot among the top 10 cryptocurrencies it is no longer in the positive zone, having dropped from a Sentscore of 6.7 to 5.7/10. Nonetheless, Bitcoin and Tether are the only two coins in the 5-5.9 range, while three coins (BCH, BNB, EOS) are in the negative zone this week, comparing to only Litecoin seven days ago, which re-entered the neutral zone, with a Sentscore of 4.1.
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
Not a single coin saw a rise in their respective Sentscore this week. Among the drops, the smallest one is seen by Binance Coin, with a fall of only 3%. BNB got the highest score in news and technicals (4.7 and 4.6 respectively), its social is at 4.4/10, while its weakest aspects are buzz (3.8) and fundamentals (3).
Bitcoin Sentscore:
While Monero stood as a winner for two weeks in a row, this Monday it is the coin with the largest drop of 23.2%. It is closely followed by XRP (-19.3%), EOS (-18.7%), and ETH (-17.4%). Monero’s strongest point is social (4.8) followed by news and technicals both receiving 4.4/10, and fundamentals with 4.3, while its weakest score is in buzz (3.5). XRP’s strongest aspect is news (4.5) and the weakest is technicals (2.5). Similarly, EOS’s highest grade is in news too (4.7) and the lowest in technicals (2.6). On the other hand, ETH’s strongest side is fundamentals (5.9), and the weakest is buzz (2.4).
Out of the 40 coins that are currently tracked by Omenics, outside of the top 10 list, eleven again are in the negative zone, up from last week’s six, while three, down from last Monday’s five, are in the 5-5.1 range.
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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 40 cryptocurrencies.
