Crypto Market Sentiment Dropped: BTC in Positive, LTC in Negative Zone
The crypto market sentiment measure, Sentscore, fell back to 4.76 (the average for the top 10 coins) this Monday, below 5.35 from last week, and closer to 4.43 from two weeks ago, according to Omenics, a crypto market sentiment analysis service.
Number one spot among the top 10 cryptocurrencies is still occupied by Bitcoin, which is the only one in the positive zone this week, having a Sentscore of 6.7, down from last Monday’s 7.2. Monero, which pushed out Cardano last week and entered the top 10 list, has now climbed to the 9th spot, but is no longer in the positive zone, seeing its Sentscore drop from 6.1 to 5.6.
Nonetheless, Monero is the only coin in the 5-5.9 zone, as the remaining 8 stand below the Sentscore of 5/10, comparing to only two last week, with Litecoin even dropping into the negative zone, with a score of 3.7, down from 5.1.
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
The winner for the second week in a row is Monero without a doubt. It saw a rise of 13% in a week, climbing up a spot on the list, and pushing Stellar to the 10th spot. The far second is BTC, appreciating 4.8%. Monero’s strongest aspect is technicals, receiving the high score of 7.5/10, and is followed by news with 6.9. While its social got 4.7 and fundamentals 4.3, its buzz is only at 3.3. Bitcoin has a very high score in fundamentals (9.2), followed by technicals (7.5). Its lowest score is in buzz, getting 4/10.
Among the five coins that have seen their scores drop during the past week, the largest drop is recorded for Litecoin (-8%). The only coin that had seen a drop last week, Binance Coin, is this week’s second loosing coin (-6.1%). While LTC has a score of 5.9 in news, it got lower scores in social, buzz and fundamentals (4.8, 4.3, and 4 respectively), and its lowest score is in technicals (3.6). BNB’s highest score is in technicals (5.1), and the lowest in fundamentals (3.3).
Out of the 40 coins that are currently tracked by Omenics, outside of the top 10 list, six again are in the negative zone, while five are in the 5-5.9 range, compared to last week’s two.
* - 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.