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Crypto Market Sentiment Drops Further, Ethereum Out of Positive Zone

Crypto Market Sentiment Drops Further, Ethereum Out of Positive Zone 101
Source: iStock/Laurence Dutton

Crypto market sentiment score (sentscore) has taken yet another, this time much larger step away from the positive zone, dropping back into the 4-5 range. As crypto market sentiment analysis tool Omenics shows, the combined moving 7-day average sentscore for the top 10 coins dropped from 5.48 recorded last week to 4.97 recorded today.

As suggested by last Monday's 24-hour situation, last week's redness continued over the past 7 days as well, with not a single coin making it to the green zone yet again. Generally speaking, the individual drops are more significant as well, double-digit for many of the coins. Furthermore, Ethereum (ETH) is out of the positive zone, dropping to its border with a score of 5.9/10. Only Bitcoin (BTC) remains in the positive range, though it too dropped from 6.5 to 6.1. Even though the majority of the remaining coins have fallen out of the 5-5.6 range, there are no coins in the negative zone.

When it comes to the top ten coins in the last 24 hours alone, the situation seems improved. Seven coins are green, and Ethereum is back in the positive zone with Bitcoin. However, there is also a coin in the negative zone: Bitcoin Cash (BCH) with a score of 3.8. Overall, the combined 24-hour average sentscore for these coins is 4.97 - interestingly, the same as the 7-day sentscore, and higher than last Monday's 24-hour sentscore of 4.86.

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

Crypto Market Sentiment Drops Further, Ethereum Out of Positive Zone 102
Source: Omenics, 11:08 UTC

Two coins that have dropped the least are winners today by default, these being Cardano (ADA) and Tether (USDT). Cardano has high scores of 6.9 in the news, 6.3 in technicals, as well as 5.9 in buzz. These are followed by 4.8 in social and 4.4 in fundamentals. Meanwhile, Tether's highest score is the positive 7.5 in the news, followed by neutral 5.4 in buzz and 5.2 in social. It's lowest scores are the negative 3.5 in fundamentals and 3 in technicals.

Daily Bitcoin Sentscore change in the past month:

Crypto Market Sentiment Drops Further, Ethereum Out of Positive Zone 103
Source: Omenics

In a tight competition, the coins that have dropped the most over the past seven days are EOS, Tezos (XTZ), and BCH. EOS has got 7.4 in the news and 4.2 in buzz and social each, though its fundamentals and technicals are lower, scored 3.1 and 2.4, respectively. Tezos's highest score is also in the news, 6.4, followed by 5.1 in social and 4.2 in buzz. It also has 3.7 in technicals and 2.7 in fundamentals. Lastly, Bitcoin Cash has 5.8 in the news and 5.6 in social as its most substantial aspects over the past week, while the rest have negative scores: buzz 3.4, fundamentals 2.6, and technicals 2.5.

Meanwhile, the other coins outside the top 10 list rated by Omenics are also red, with only four of the 39 seeing a rise in their respective sentscores. No coin is in the negative zone again, many have scores above 5, and two are in the positive territory - the same two as last week, but with a slight drop in their ratings: Nano (NANO) and VeChain (VET), both with 6.3/10.

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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 39 cryptocurrencies.

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