Crypto Market Sentiment Dropped, EOS Fell The Most
The aggregate moving 7-day average crypto market sentiment score for the top 10 coins by market capitalization has dropped by 7.7%, from 5.55 last week to 5.12 this Monday, according to Omenics, a crypto market sentiment analysis service.
During the past seven days, most of the top cryptoassets saw their sentiment tumble deeper into the neutral zone, as sentscores of six out of ten top coins fell by more than 10%, including bitcoin (BTC), tether (USDT), chainlink (LINK), litecoin (LTC), and EOS. Despite the drop, BTC and ethereum (ETH) remain on the verge of a somewhat positive zone, scoring 6.1 and 6 respectively.
The biggest drop amongst the top coins was experienced by EOS, whose sentiment decreased by 17% and is now nearing a somewhat negative zone at 4.3. The best performer over the last seven days was bitcoin cash (BCH), which went up by 1%. It was the only top coin in green sentiment-wise last week, though its sentiment remains deep in the neutral zone.
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
Though bitcoin and altcoins are trying to recover today, the combined crypto market sentiment for the top ten coins during the last 24 hours does not show signs of major improvement yet, as it remains in line with the cumulative weekly sentscore and currently (12:30 UTC) sits at 5.14. What’s more, BTC, USDT, and LTC sentscores have fallen by more than 8%, and XRP is the only crypto asset whose market sentiment appears to be appreciating - it went up by 4% today but remained in the neutral zone.
Daily Bitcoin sentscore change in the past month:
Outside of the top 10 coins, most of the projects were in the red, too. Despite the redness, tron (TRX) (-5.6%) is the only other coin apart from bitcoin and ethereum with a positive sentiment score over the last week. Basic attention token (BAT) has managed to surpass EOS and dropped its sentiment score by nearly 18%, to 3.6, thus falling into a somewhat negative zone, where it joined projects like komodo (KMD) with a sentscore of 3.7, ethereum classic (ETC) with sentscore of 3.8, and tezos (XTZ), which currently has a somewhat negative sentiment score of 3.9.
* - 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.