Crypto Market Sentiment Finally Sees a Rise, Led by Cardano
After weeks of drops, there is finally an improvement in the market sentiment. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins went up to 4.87, compared to 4.46 seen a week ago, according to the data provided by the market sentiment analysis service Omenics. While we still don’t have any coins back in the positive zone, those who were in the negative zone last week pulled themselves upwards into the neutral territory.
The first sign of the improvement over the past week is the fact that all but one coin have seen increases in their respective scores. This one coin is litecoin (LTC), but even it saw a very minor drop of 0.3%.
On the other hand, the increases are quite notable. The list is led by the two-digit rises, with the first spot taken by cardano (ADA)‘s almost 18%. It’s followed by USD coin (USDC)‘s 14%, bitcoin (BTC)‘s almost 12%, and ethereum (ETH)‘s 11%.
There is a battle for the top developing in the past few weeks between the top two coins. The top is again held by ethereum, with a score of 5.7, closely followed by bitcoin’s 5.6. Besides them, ADA, USDC, and UNI have scores between 5 and 5.1. The scores of the remaining five coins sit between 4.1 and 4.9.
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.
The sentscore in the past 24 hours looks greener still. At the time of writing, it is 5.2 for the top 10 coins, while it stood at just 4.55 at approximately the same time last Monday. Only USDC is red today, with a drop to its sentscore of 3%. The highest rise is recorded by litecoin, of 9%, while the smallest by tether, of 1%. While bitcoin and ethereum have similar increases of almost 4%, respectively – ethereum is leading the list, having not only the highest score, but also the only one in the positive zone, of 6.3. BTC is in the third place, where we haven’t seen it in a very long time, with a score of 5.8, after cardano’s 5.9. Four more coins have scores above 5, three are in the 4.2-4.6 territory, and none are in the negative zone.
Daily Bitcoin sentscore change in the past month:
In the past week, the large majority of the 25 coins outside the top 10 list have also seen their sentscores increase. Only three are down: monero (XMR) with almost 4%, as well as zcash (ZEC) and WAVES with less than 1%. QTUM saw the highest jump, 31%, but it still wasn’t enough to pull it out of the negative zone, having a score of 3.6 now. Several other coins’ sentscores saw double-digit increases, while 0x (ZRX) is up the least, 0.6%, currently standing at 4, just above the negative zone. Four coins are in the negative zone, down from last week’s six. There are no coins in the positive zone, while six have scores between 5 and 5.3.
* – 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.