Crypto Market Sentiment Dropped Last Week
Crypto market sentiment keeps falling, and has done so for the second week in a row now, moving closer towards the score of 5. The average 7-day moving crypto market sentiment score (sentscore) for ten major cryptoassets stood at 5.47 last week, but it is at 5.22 today, according to data provided by the market sentiment analysis service Omenics.
All but one coin fell over the past seven days. Tether (USDT) stands as the only green coin, seeing its sentscore rise almost 9% in this time frame.
The others are far from it. The smallest drops are recorded by binance coin (BNB) and the last week’s winner crypto.com coin (CRO), both decreasing by almost 4%. This is followed by ethereum (ETH)’s more than 4%, as well as polkadot (DOT)’s and USD coin (USDC)’s 6%. Next come bitcoin (BTC) and litecoin (LTC), the scores of which dropped over 8%, while the highest falls in their sentscores have been seen by cardano (ADA) with 10% and XRP with 11%.
Bitcoin and ethereum remain the only two coins in the positive zone, though they too are close to its exit: the former stands at 6.2 now, and the latter at 6.1. ADA, XRP, and USDC stand between 4.4 and 4.7, while the rest have sentscores between 5.1 and 5.4.
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 zone.
The 24h sentscore for these same 10 coins has continued dropping as well, in comparison to last Monday – and has dropped below the score of 5, moving further away from the positive zone where it had resided not so long ago. It is currently standing at 4.95, compared to 5.35 a week ago. XRP may have dropped the most over the past week, but is leading the list of the three green coins today, having gone up 3%, followed by CRO (1%). The highest drop in sentscore today is 4% seen by LTC, and the lowest ETH’s 0.5%. BTC’s sentscore is down 1% - but it is the only coin left in the positive zone, and barely so, with a score of 6. ETH’s drop, even if minor, pushed it down to 5.9. The lowest sentscore is XRP’s 4.2.
Daily Bitcoin sentscore change in the past month:
There are 25 more coins besides these ten rated by Omenics, and in the past week, they’ve also seen notable drops in their respective sentscores, generally speaking. Only seven of these finished the week green, with REN’s 10% leading the list. The others’ scores increased by up to 8%. As for the drops, tron (TRX)’s 19% is the highest, followed by EOS’s 15%. The lowest drop is seen by OMG, with 0.3%. Speaking of which, OMG remains the only coin in the negative zone, dropping to 3.8, though a few others are nearing it as well. While the majority of coins have a score between 4 and 4.9, seven sit within the 5.1-5.8 range. There are no longer any coins in the positive zone.
* - 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 35 cryptoassets.