Crypto Market Sentiment Drops, Bitcoin Remains in Positive Zone, Crypto.com Coin Rises
Sentiment in the crypto market changed its direction last week, with the 7-day average sentscore of the 10 major cryptoassets tracked by the market sentiment analysis service Omenics slipping from 5.41 a week ago to 5.26 today.
The drop in sentiment follows a downturn in crypto prices, with bitcoin (BTC) testing USD 37,500 earlier today before recovering to USD 39,000 again.
Crypto.com (CRO) and the stablecoin USD coin (USDC) were the only two coins that had a higher sentiment this week compared to last, with the former rising from 5.1 to 5.2, and the latter from 4.5 to 5. Meanwhile, BTC and XRP were the only coins with an unchanged sentscore this week compared to last.
Bitcoin was the only coin from the list of the 10 coins this week that managed to stay in the zone defined by Omenics as “somewhat positive,” coming in with a 7-day sentscore of 6.4. All other coins from the top 10 were in the neutral zone, although ethereum (ETH) got close to the positive zone with a score of 5.9.
Despite a fall in the sentscores of most coins this week, the average 7-day sentscore for all of the 10 coins is still up from the 4.86 recorded two weeks ago.
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
Looking more closely at what has happened over the past day, BTC is down to a 24-hour sentscore of 5.7, down from its weekly score of 6.4.
Among other notable movers over the past day was CRO, which lost 1.2 points from its weekly to its daily sentscore. The coin came in with a sentscore of 4 on a 24-hour basis.
Meanwhile, the two stablecoins USDC and tether (USDT) both saw a higher sentscore over the past 24 hours compared to the past week, as prices of most other coins fell over the past day. USDC moved from a weekly sentscore of 5 to a daily sentscore of 5.2, while USDT moved from 5.3 on the weekly to 5.4 on the daily overview.
On the daily timeframe, all of the 10 coins tracked by Omenics ranked in the neutral zone.
Daily Bitcoin sentscore change in the past month:
Broadening our scope to all 35 cryptoassets tracked by Omenics on a weekly basis, we can see that BTC still remains the only coin in positive territory, with ETH once again coming in second. However, the two top coins were followed by tron (TRX), zcash (ZEC), and uniswap (UNI), which came in with 7-day sentscores of 5.6, 5.6, and 5.4, respectively. Combined, these coins were the five coins with the strongest sentscores from Omenics’ full list.
At the other end of the spectrum, the three coins with the weakest sentscores this week were nem (XEM), ontology (ONT), and OMG, with sentscores of 3.9, 4.1, and 4.2, respectively. XEM and ONT also had the worst sentscores last week.
XEM was the only coin among the 35 coins covered this week with a sentscore in the negative zone.
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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 35 cryptoassets.
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