Crypto Market Sentiment Drops in 7 Days, Even Bloodier in 24 Hours

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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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The crypto market sentiment is not having a good day, or a good week for that matter. Not only has the combined moving average 7-day market sentiment measure, sentscore, for the top 10 coins dropped from last week’s 5.88 to 5.67/10 this week, as crypto market sentiment analysis service Omenics shows – but each coin also saw a significant drop in the last 24-hours, with a combined sentscore of 5.14 compared to 5.95 last Monday.

The recent market dive is being reflected in both the 7-day sentscores and the 24-hour ones. In the last week, only three coins have seen a rise in their respective scores, including Bitcoin (BTC), whose score now is 7.1. The only other coin in the positive zone is Ethereum (ETH), which fell back to 6.2. Still, the majority of the top 10 coins have scores above 5, while only EOS, which dropped the most this time around, stands at the verge with 4.9.

The 24-hour situation is even worse. All coins are in the red, and four are below the score of 5, though none are in the negative zone. Additionally, while five coins were in the positive zone last Monday, Bitcoin remains there with a score of 6.4, accompanied by Stellar (XLM) with 6/10. Most have double-digit drops, with Binance Coin (BNB) leading the pack with -16.6%, while Tezos (XTZ) is the last in line with -5.3%.

Sentiment change among the top 10 coins in the past week*:
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

Our winners for this week are the only three coins whose scores went up, even if the rise is minimal for all three. Bitcoin has high scores of 8.7, 7.5, and 6.9 in fundamentals, technicals, and news, respectively. It also has 5.2 in social and 4.3 in buzz. Tether (USDT) has 8 in news, as well as 5.4 in buzz, 4.4 in social and 4.3 in technicals, as well as 3.5 in fundamentals. Furthermore, Tezos’s highest scores are 7.8 in news and 6.8 in technicals, followed by 5.1 in buzz and 5 in social, while it’s lowest score is 2.8 in fundamentals.

Daily Bitcoin Sentscore change in the past month:

Two coins whose scores dropped the most are EOS and Bitcoin Cash (BCH). EOS has a positive score of 7.3 in news, neutral scores of 4.8 in technicals and 4.3 in social, as well as negative scores of 3.6 in buzz and 2.8 in fundamentals. Lastly, BCH got 6.7 in news as its strongest aspect, as well as 5.3 in technicals and 4.7 in social. It also got 3.6 in buzz and 2.7 in fundamentals as its weakest aspects this week.

The situation is equally mixed for the rest of the list tracked by Omenics, outside the top 10 coins. Among the 29, the scores of 14 dropped, compared to only 3 last week. Nano (NANO) remains as the only coin in the positive zone, and Komodo (KMD) as the only one 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 39 cryptocurrencies.