Crypto Market Sentiment Drops More; 4 Coins Enter the Negative Zone
The cryptocurrency market sentiment did not manage to recover from its major tumble last week, despite the situation looking greener. The combined moving average 7-day market sentiment measure for the top 10 coins by market capitalization fell for the fourth week in a row, from last Monday’s 4.39 to today’s 4.3, according to Omenics, a crypto market sentiment analysis service.
Though no coins saw a rise in its score last week, 5 out of 10 did so this Monday. Nonetheless, while that saved the overall score from seeing a larger drop, it was still not enough for the market sentiment to rise and surpass the last week’s score. What’s more, four coins have dropped in the negative zone this week, compared to only Binance Coin (BNB) last week. Four others fell within the 4.1-4.7 range, and only two have scores above 5: Bitcoin (BTC), which went up from 5.1 to 5.2, and Tether (USDT), which also went up from 4.9 to 5.3.
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
Out of the five that saw a rise in their scores in the past week, USDT is the clear winner with a 11.5% rise. Ripple (XRP), the score of which went up by 9.5%, from 4 to 4.3, is in the second place. Tether’s highest grades are in technicals (6.9), news (5.6) and social (5.2), while its weakest are in buzz (4.4) and fundamentals (3.4). Ripple got the highest score in news (5.9), followed by social (5), while it got 4.2 in fundamentals, 3 in buzz and 2.5 in technicals.
On the other hand, EOS (EOS) and Ethereum (ETH) fell the most, with 15.9% and 15.5% tumbles, respectively – both now standing in the negative zone. EOS’s strongest aspects are news and buzz with the grades of 4.9 and 4.3, respectively. However, its weakest are fundamentals (3.9), social (3.5) and technicals (2.7). When it comes to ETH, it’s got a high grade of 5.7 in fundamentals, but its other grades are low this week: 4.2 in social, 3.3 in buzz, 2.6 in technicals and 2.8 in news.
Daily Bitcoin Sentscore change in the past week:
Meanwhile, looking at today’s market sentiment, we find 4 out of 10 with a rise in their scores – but not the same ones discussed above, which are green on the average 7-day market sentiment list. The only coin from that list that remains green in the last 24 hours is EOS. The other four have fell, Bitcoin included, which is back to the score of 5.1 in the last 24 hours.
Turning our attention to the 7-day average scores of the other 29 coins currently tracked by Omenics, we find three coins above the score of 5/10, standing in the neutral zone, and four below the score of 4, placing them within the negative zone.
* - 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.