Crypto Market Sentiment Drops, Only USDC in Green
After a slight drop in the week prior, crypto market sentiment has continued to slip over the past week. The average 7-day moving crypto market sentiment score for ten major cryptoassets fell from 5.89 recorded a week ago to 5.58 seen today, according to the data provided by market sentiment analysis service Omenics.
In the exact opposite situation from last week, all but a single coin on this list have dropped. That one red coin last time is the one green coin this time: USD coin (USDC) went up by nearly 5%. This makes it the winner of the week, even if it's one of only two coins with the score below 5.
As for other coins, the largest drop was seen by cardano (ADA) with almost 11%. It's also the only double-digit drop, but closely followed by 10% seen by binance coin (BNB)'s sentscore, as well as tether (USDT)'s 9.5%. While XRP and uniswap (UNI) fell by 7%, polkadot (DOT) is down 4%, followed by bitcoin (BTC)'s 4%. The remaining coins – namely ethereum (ETH) and chainlink (LINK) – has a drop in their sentscores between 3% and 2%.
That said, it's not surprising then that, compared to last week's five, only three coins are in the positive zone now, those being BTC, ETH, and DOT, respectively. The mentioned USDC has been joined by its fellow stablecoin USDT below the score of 5, while the remaining coins' sentscores sit in the 5-5.8 range.
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.
In the past 24 hours alone, the overall Sentscore has dropped as well. The average 24-hour score for the 10 major crytpoassets is currently 5.47, compared to last Monday’s 5.94. The same three coins are in the positive zone as in the weekly picture, while another coin fell below the 5 line: BNB today has a score of 4.7. That said, while the overall score is lower compared to that a week ago, all coins are green over the past day. XRP leads the list with an 8% rise, followed by ADA’s 6% and BTC’s 5%. The lowest increases are seen by the two stablecoins, rising less than 1%.
Daily Bitcoin sentscore change in the past month:
Looking at the 25 coins measured by Omenics which are outside the top 10 list, we find quite a mixed bag. Still, the red prevailed, as 16 of these coins’ sentscores dropped over the past week. Yearn finance (YFI) leads the sixteen with a fall of 12%. It’s followed by monero (XMR)’s 9%, while the least to drop is synthetic (SNX) with 1%. Among the nine that went up, the iota (MIOTA) increased the most with 12%, followed by crypto.com coin (CRO) and WAVES, both with 5%.
* - 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 35 cryptoassets.