Crypto Market Sentiment Drops; Uniswap Falls Most, Bitcoin Least
Following two consecutive weeks of a rise in market sentiment, the last seven days have brought another drop. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins fell from 5.03 recorded last week to 4.7 today, according to the market sentiment analysis service Omenics. There are no more coins in the positive zone either.
As is expected with such a fall in the overall sentscore, individual sentscores - and all of them - have fallen substantially as well. Four out of the ten saw double-digit drops, led by uniswap (UNI)'s almost 13%. This one's followed by ethereum (ETH), cardano (ADA), and polkadot (DOT), all of which fell 10%-11%.
While binance coin (BNB) and litecoin (LTC) are down 8% and 6%, respectively, XRP and tether (USDT) fell by 5%. The least to decrease are the sentscores of usd coin (USDC) with 1% and bitcoin (BTC) with less than 1%.
With ETH's drop, all coins have left the positive zone this week. Actually, its fall was large enough to push it to second place, with BTC coming back on top as the coin with the highest sentscore on this list. These two coins are the only ones with scores above 5, down from five such coins seen last week. The rest range between 4.8 (UNI and USDC) and 4 (XRP). Therefore, while there are no coins in the negative zone either, XRP is currently quite close to it, along with LTC and BNB.
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.
Looking at the last 24 hours alone, we see a greener picture. Only two coins are red - USDC and LTC, while others' sentscores went up between DOT's 3% and XRP's 9%. The overall sentscore for the top 10 coins in this time frame is, nonetheless, lower than that recorded a week ago: it's 4.65 today, compared to last Monday's 4.72. The list is led by BTC here as well, with a score of 5.7. Two more coins have scores above 5: ETH and USDT, with 5.4 each. And while other sentscores sit in the 4.2-4.8 range, LTC's and BNB's are in the negative zone, with 3.8 and 3.5, respectively.
Daily Bitcoin sentscore change in the past month:
Now zooming out of the first 10 coins to look into the rest of the list rated by Omenics, we see that only five of the twenty-five are green in the past week: zcash (ZEC), EOS, vechain (VET), ontology (ONT), and nem (XEM). The scores of the first two are up 5% each and the score of the last one is up 1%. On the other hand, the falls range between 0x (ZRX)'s 0.2% and WAVES' 14%. There are no coins in the positive zone, seven are in the 5.2-5.6 range, and while the majority of the rest are above the score of 4, two are below it - ONT and QTUM (both 3.7) - placing them in 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 35 cryptoassets.