Crypto Market Sentiment Finally Re-Enters the Positive Zone
After weeks of inching towards it, crypto market sentiment has finally entered the positive zone once again. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins is now 6.08, up from 5.94 today where we saw it last week, according to the market sentiment analysis service Omenics.
As last week, six coins are in the positive zone. From the highest to the lowest positive score, these are: bitcoin (BTC), ethereum (ETH), polkadot (DOT), chainlink (LINK), cardano (ADA), and uniswap (UNI).
That said, it too is up this week, and by the second-highest percentage on the list, of 6.7%. The first is BNB with 7.2%, making it this week's winner. Other green coins are up between 0.2% (BTC) and 5.6% (DOT).
Meanwhile, only two coins are red, and my smaller percentages as well: USDT is down by 1.1% and UNI by 0.3%.
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.
And we find an even greener situation in the last day. The combined 24-hour sentscore for these top ten coins is now 6.22, compared to last Monday's 5.99. However, there is significant red to be seen too - namely, when it comes to the individual sentscores. All but two coins are down today. Interestingly, USDC is the day's winner, seeing its score rise 4.1%, and finally above the score of 5. USDT's score also went up, by 0.7%. Meanwhile, the highest drop has so far been recorded by BNB, with -5.2%, and the smallest by XRP, with -0.2%. No coin is below the grade of 5 any longer, with four now standing between 5.2 (USDC) and 5.9 (USDT). The six remaining scores are all in the positive zone.
Daily Bitcoin sentscore change in the past month:
Looking at the weekly performance of the 25 coins besides the top 10 list, we see that only 10 are down over the past week. The highest drop is monero (XMR)'s 4.5%, while the lowest is maker (MKR)'s 0.3%. As for the rises, they range between tezos (XTZ)'s 8.3% and ontology (ONT)'s 0.4%. Meanwhile, ten of these coins are in the positive zone, with the highest sentscore being 6.5 by AAVE and algorand (ALGO). And while the majority is in the 5.1-5.9 range, four coins are just below the score of 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.