Crypto Market Sentiment Dropped Today, Capping Weekly Gains
The combined moving 7-day average crypto market sentiment score (sentscore) for the top 10 coins by market capitalization, as shown by crypto market sentiment analysis service Omenics, has seen a slight rise from last week's 5.12 to 5.22 seen today. This still doesn't bring it back to even the 5.55 recorded two weeks ago, let alone the positive zone the combined sentscore resided within in August.
Along with the overall rise, individual increases among the top 10 are seen as well: compared to last week's bitcoin cash (BCH) alone, six coins have had an increase in their respective sentscores in the last seven days. The largest, and the only double-digit increase was recorded by bitcoin (BTC), thanks to which it's not only the week's winner, but it also regained its earlier score of 7/10.
Its rise is followed by those of XRP, ethereum (ETH), and litecoin (LTC), while the smallest rises were seen by BCH and binance coin (BNB). Importantly for ETH, which stood at the very verge of the neutral zone a week ago, it's now deeper within the positive tone.
Among the four coins whose sentscores have dropped in the past seven days, chainlink (LINK) fell the most, nearly 10%. It's followed by cardano (ADA), EOS, and tether (USDT), with EOS and LINK being the closest to the negative zone at the moment. That said, besides the two in the positive zone, the remaining coins are all within 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
However, today, the large majority of the coins are in red. EOS recorded the largest drop of 9%, pushing it into the negative zone. Meanwhile, bitcoin and ethereum remained positive, despite their 2.4% and 5.7% drops.
Daily Bitcoin sentscore change in the past month:
Now looking at the 7-day performance of the 29 projects outside the top 10 list, also tracked by Omenics, we find 14 green ones, with monero (XMR) leading the entire list with its 23.2% rise to the sentscore of 5.6. Meanwhile, NEO went up nearly 7%, resulting in a positive score of 6. And though most of the coins fell inside the neutral zone, we're also starting to see more coins in the negative zone, namely basic attention token (BAT), decred (DCR), and komodo (KMD). Yet, this is another small improvement, given that last week there were four coins in this category.
* - 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.