Crypto Market Sentiment Gets More Positive

Source: iStock / Easyturn

The crypto market sentiment is leaning towards the positive zone yet again as most top cryptoassets have improved their standing since last Monday. The average 7-day moving crypto market sentiment score (sentscore) for ten major cryptoassets stands at 5.85 today, up from 5.79 a week ago, shows crypto market analysis tool Omenics.

Seven out of the ten coins have improved their sentscore in the last seven days. Uniswap (UNI) has experienced the most significant sentiment improvement as its score rose by 8.8% - up to a somewhat positive 6.1. Binance coin (BNB) increased by another 6.6% for a cumulative neutral sentiment score of 5.7, while USD coin (USDC) outperformed other top coins with a sentiment improvement of 5.8%, although it also remains in the neutral zone with 5.3. 

Meanwhile, bitcoin (BTC) and ethereum (ETH) continue to lead the market in terms of sentscore despite meek sentscore growth last week. BTC is on the verge of the positive zone with a score of 7.4, a 1% weekly increase, while ETH’s sentscore has grown 1.6% and is currently reaching a somewhat positive 6.9. Polkadot (DOT) is also in this club, as it's sentscore has increased merely by a 0.5% but remains relatively high at 6.4 - third best score amongst top 10 coins. 

It wasn’t a great week for XRP, cardano (ADA), and tether (USDT). XRP’s sentscore has dropped by 5.3% and the coins score is neutral 5.5 today. Likewise, ADA’s market sentiment has dropped by 4.9% and currently stands at neutral 5.2  Last but not least, tether (USDT) remains unchanged in terms of sentscore - it is the lowest-scoring top 10 cryptoasset with a somewhat negative-leaning score of 4.3 today.

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.

Source: Omenics, 11:06 UTC

The overall sentscore for these ten coins over the past 24 hours spells a similar picture. The average sentscore is 5.8 today as half of the ten coins are in the red while the rest are green. XRP, DOT and USDT lead the market this Monday as their sentiment has increased by 3% to 4.7%, while USDC, BTC, LINK, ETH, and UNI have lost around 2 - 3.9% of their market sentiment score today.

Daily Bitcoin sentscore change in the past month:

Source: Omenics

Looking at all 35 coins tracked by Omenics, zcash (ZEC) managed to outperform UNI as it increased its average moving 7-day sentscore by 14% since last week and entered the somewhat positive sentiment zone. It was a good week for aave (AAVE), too, as its sentiment followed UNI and rose by 8.8%. At the bottom of the table we find IOTA (MIOTA) with a 13.1% weekly sentscore decrease, followed by monero (XMR) and 0x (ZRX) with 8.5% decline. The coin with the lowest sentscore remains Compound’s COMP at almost somewhat negative 4.


* - 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.