Crypto Market Sentiment Drops Further; Bitcoin Deep In the Neutral Zone

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Sead Fadilpašić

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Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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June 26, 2023 06:55 EDT

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As the crypto market has corrected sharply, the market sentiment has seen a notable drop for the second week in a row – and it dropped out of the positive zone. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins fell from 6.21 recorded last week to 5.49 this week, according to the data provided by the crypto market sentiment analysis site Omenics. And while two coins remain in the positive zone, bitcoin (BTC) is not one of them.

The crypto market sentiment worsening can be seen across the board this week. All coins are, not only red, but down by significant percentages. Therefore, there is not a winner in this category over the past week, unless we count the smallest drop as one, that being polkadot (DOT)‘s 7%.

Cardano (ADA) and uniswap (UNI) also fell less than 10%. Tether (USDT), XRP, ethereum (ETH), tron (TRX), and litecoin (LTC) dropped between 11% and 17%.

Lastly, binance coin (BNB)‘s sentscore decreased 22%, and bitcoin led the red list with 24%.

There was also a change in the 10th place again, with EOS being out this week, and tron getting in.

These major decreases resulted in only two coins staying in the positive zone, and barely so. Ethereum is the winner here, leading the list with a sentscore of 6.2. Behind it is, surprisingly not BTC, but DOT, with a score of 6.

Bitcoin is now in the neutral zone with 5.6, the same as UNI. They are preceded by ADA’s 5.8, and followed by USDT, TRX, LTC, and XRP, with scores between 5.1 and 5.5. The only coin below the score of 5 is BNB, now standing at 4.8.

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 daily situation is worse still. The 24h sentcore for the top 10 coins dropped yet again, this time to 4.96, compared to 5.7 recorded last Monday. While six coins are green today, seeing their sentscores rise between 1% (LTC and TRX) and 8% (ETH), four have gone further down with percentages between BTC’s 3% and DOT’s 7%. This led to zero coins being in the positive zone, with half having scores in the 5-5.7 range, and the other half dropping below 5, as far as XRP’s 4 – the closest a coin’s been to the negative zone in a while. Bitcoin’s score today is rather poor, compared to the performance we’re used to seeing. While ETH and USDT both have 5.8, ADA comes next with 5.4, and only then comes BTC with 5.1, just slightly above the last in this range, UNI’s 5.

Daily Bitcoin sentscore change in the past month:

Besides the first 10 major coins, Omenics rates another 21. In the past week, these haven’t fared any better. They are all red, meaning that all 31 tracked coins have seen drops in their respective sentscores. The highest among the 21 is ZRX (0x)‘s 20%, while the lowest is AAVE‘s 1%. Speaking of AAVE, it’s one of the five coins in the positive zone, and with the highest score among these: 6.4. EOS, cosmos (ATOM), and compound (COMP) have 6 each, while algorand (ALGO) has 6.1. Nine coins are in the 5-5.9 range, while the rest reside below 5 now, but not lower than 4.2.

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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 31 cryptocurrencies.