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Crypto Market Sentiment Drops Further; BTC and XMR This Week’s Losers

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We find the average crypto market sentiment measure, Sentscore, for the top 10 coins by market capitalization at 5.01/10 this week, compared to 5.22 last Monday, thus dropping for the second week in a row, according to Omenics, a crypto market sentiment analysis service.

Source: iStock/Nikada

For the third week in a row, there are no coins within the negative zone, while the number one on the list, Bitcoin, remains as the only one in the positive zone. However, its score too is lower yet again, going from 7.1 two weeks ago, to 6.6 last week, and it’s 6/10 now, meaning it’s on the very verge of the neutral zone. Five coins are in the 5 to 5.6 range, while four stand in the 4.1-4.9 range.

Sentiment change among the top 10 coins*:
Interpreting the Sentscore’s scale:
– 0 to 2.5: very negative
– 2 to 4: somewhat negative zone
– 4 to 6: Neutral zone
– 6 to 7.5: somewhat positive zone
– 7.5 to 10: very positive

Source: Omenics, 11:22 UTC

This week’s top coins have all seen 14+% rise in their Sentscore: XLM’s score had a 14% rise, while XRP and BCH appreciated 14.5% each. Stellar has a high grade of 6.2/10 in news, 5.2 and 5.1 in technicals and social respectively, while it got 4.6 in buzz and 3.8 in fundamentals. Similarly, XRP’s strongest aspect is news with 6.4%; its technicals and social are neutral with 5.5 and 5.2 respectively, while its weakest aspects are 4.3 in fundamentals and 3.4 in buzz. Furthermore, while BCH got 7.6/10 in news, as well as 5.7 in technicals and 4.7 in social, it got only 2.9 in fundamentals and 2.8 in buzz.

One of the three coins that had seen a drop in their scores last week is the only coin to have dropped this week. Bitcoin’s grade fell by 4.5% over the course of the last seven days. Its highest grades remain in fundamentals (9.3) and news (7), with its social getting a neutral 4.8/10, but its lowest grades are in technicals (3.8) and buzz (2.5).

Bitcoin Sentscore

Source: Omenics

However, while Monero occupied the 9th spot on the list last week, with Cardano in the 10th, it is now in the 11th, while Stellar took its spot in front of Cardano. Therefore, we can say that Monero is the unfortunate loser this week. It dropped by 1.2%, its Sentscore now being 5, compared to last week’s 5.2. Its strongest aspect is news (7.4) and its weakest is buzz (3).

Out of 40 coins that are currently tracked by Omenics, besides the top 10 list, five are in the negative zone this Monday, including Ethereum Classic (3.7). Additionally, twelve coins are in the 5-5.9 range, compared to five last Monday, including Tron (5.9), Tezos (5.3), and DOGE (5.1).


* – 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 40 cryptocurrencies.