Crypto Market Sentiment Drops, BTC and ETH in Positive Zone
After three weeks of advancement upwards, the cryptocurrency market sentiment fell back a bit this Monday. The combined moving average 7-day market sentiment measure, Sentscore, for the top 10 coins is now 5.54, while it was 5.83/10 a week ago. It's still higher than two weeks ago though, according to Omenics, a cryptocurrency market sentiment analysis service. However, it is the strong sentiment improvement in the past 24 hours that has helped amortize the weekly drop.
Just like last week, all but one coins are in green. This time it's not Tether (USDT), but Stellar (XLM). Another noticeable difference is that the number of coins in the positive zone dropped from four to two: Bitcoin (BTC) and Ethereum (ETH). While ETH's Sentscore remains unchanged at 6.1, BTC's has dropped from 7.2 to 6.6.
Finally, a major shift happened at the 10th place, as Ethereum Classic (ETC) overthrew Cardano (ADA), pushing it out of the top 10 list in order to occupy it itself - and we haven't seen it here in a long time.
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
Bitcoin Cash (BCH) with a rise of 10.47% and last week's winner EOS (EOS) with a rise of 8.29% are the winners today. BCH has high scores in technicals and news (6.9 and 6.2, respectively), while it also got 4.9 in buzz, 4.5 in social, and 2.9 in fundamentals. Similarly, EOS has 7.2 in news and 6.4 in technicals, while it's gotten lower scores in social, fundamentals, and buzz (4.5, 4.4, and 3.6, respectively).
This week's losing coin is Stellar. It's highest scores are in news (7.5), technicals (6.2) and social (5.7), while it's lowest are in buzz (3.9) and fundamentals (3.8).
Daily Bitcoin Sentscore change in the past month:
Meanwhile, we see BTC's 24-hour Sentscore back to being higher than its 7-day Sentscore. It's currently 6.6, with a change of +6.1%. ETH too is up to 6.2% in the past day. Overall, six coins are in green and four are in red today.
Looking at the 7-day average scores of the 29 coins outside the top 10, we find ADA and Tron (TRX) in the positive zone, both with a score of 6.1. The majority of the remaining coins have scores 5 or above and none are in the negative zone again.
* - 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.