Crypto Market Sentiment Drops Out of Positive Zone; Litecoin Wins the Week
Though its fall in the past seven days is relatively low, the combined moving 7-day average crypto market sentiment score (sentscore) for the top 10 coins by market capitalization dropped out of the positive zone, and is now sitting at its verge. Per crypto market sentiment analysis service Omenics, the sentscore went from last week's 6.15 to this week's 5.96.
Other "red changes" are noticeable too, as the majority of top coins experienced downwards corrections during the past week. Three that remain green are XRP, EOS, and Litecoin (LTC) - with the latter one being the weekly gainer in terms of market sentiment.
On the other side stands Cardano (ADA), with the largest drop by far on the list - nearly 13%. Second-placed Binance Coin (BNB) is behind it with -6.6%. The remaining coins' sentscores, bitcoin (BTC) and ethereum (ETH) included, decreased between 1% and 5%.
Compared to last week's six, four coins currently are in the positive zone, with litecoin joining this week. And while XRP's positive score remained unchanged, those of bitcoin and ethereum have dropped.
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
Zooming in to see the combined moving average sentscore for the top 10 coins in the last 24 hours, we find it at just 5.49, compared to last Monday's 6.31. Only bitcoin and ethereum remain in the positive zone, though bitcoin's score fell from the 7-8 range to 6.8. No top 10 coin has a sentscore lower than 5.
Daily Bitcoin sentscore change in the past month:
When it comes to the other 29 coins tracked by Omenics, besides the top 10 list, approximately half have seen an increase in their respective sentscores. NANO, IOST, NEO, Ontology (ONT), and Tron (TRX) are all in the positive zone. No coin is in the negative zone, and Ethereum Classic (ETC) is still the only coin with a score just below 5, sitting at 4.9.
* - 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.