Crypto Market Sentiment: Ethereum Joins Bitcoin in the Positive Zone
The crypto market sentiment continues its improvement with its score now standing at 5.48 – up from last week’s 5.1, according to Omenics (previously - Predicoin,) a crypto market sentiment analysis service. Most coins saw a rise in their respective scores and all remain in the neutral zone, while two are in the positive range: Bitcoin and Ethereum.
Looking at the top 10 cryptocurrencies by market capitalization, Bitcoin is still reigning at the top of the list again with a score of 7.1, even if down from last week’s 7.3, and it is joined in the positive zone by Ethereum with its Sentscore of 6.3 – a significant rise from last week’s 5.3. Cardano has the lowest score of 4.4, followed by XRP with 4.8.
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
Speaking of change over the course of the week, six coins saw a rise in their scores, these being: Ethereum, XRP, EOS, Binance Coin, Tether, and Stellar. The winner in this category, however, is Ethereum with the improvement of 11.3%, followed by Stellar and its 9.9%. Ethereum’s news, buzz, and fundamental are very strong, standing at 7.8, 6.2, and 6 respectively. It’s social at 4.9/10 and technical at 4.7 are somewhat weaker though. Stellar’s strongest aspect is news at 6.2, but its weakest is fundamental at only 3.7.
When it comes to the coins the scores of which have declines this week, these are: Bitcoin, Bitcoin Cash, Litecoin, and Cardano. However, the largest drop was seen in Litecon’s score, with -5.8%. While its news is very strong at 7.7/10, its buzz and social are at neutral 5.5 and 5.4 respectively, and it’s lowest scores are in fundamental with 4.7 and technical with 3.2.
* - 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 30 cryptocurrencies.