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Crypto Market Sentiment Goes Up Again, Led by Uniswap and Ethereum

Crypto Market Sentiment Goes Up Again, Led by Uniswap and Ethereum 101
Source: Adobe/boscorelli

We're seeing a rise in the market sentiment for the second week in a row now. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins went from 4.87 recorded a week ago to 5.03 recorded this week, according to the data provided by the market sentiment analysis service Omenics.

This time, we have a coin back in the positive zone, but it's not bitcoin (BTC). It's ethereum (ETH), which seems to be establishing its place at the top of the list further with each passing week.

It has overall been quite a green week, with a couple of significant increases. Out of the eight green coins, uniswap (UNI) is leading by far, with the only double-digit increase on the list, of 10%. The second-highest rise belongs to binance coin (BNB), of 7%. While ETH is up 5%, cardano (ADA) and litecoin (LTC) went up 4.5% and 4%, respectively, and polkadot (DOT) and XRP are up 4% and 3%. The lowest rise is bitcoin's 0.4%.

On the opposite side are the two drops: usd coin (USDC)'s nearly 2%, and a minor one by tether (USDT) of 0.2%.

Five coins in total have scores above 5, and none of the rest is in the negative zone, with the lowest sentscore being XRP's 4.2. But it's the battle over the highest sentcore that's been quietly raging for several weeks now. Bitcoin, the long-time unchallenged champion, is often finding itself in the second place these days, per the weekly sentscore - behind ETH. Such is the case this time as well. Ethereum's rise led it to a positive score of 6, while bitcoin's was enough to move it from the last week's 5.6 to this week's 5.7.

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.

Crypto Market Sentiment Goes Up Again, Led by Uniswap and Ethereum 102
Source: Omenics, 8:57 UTC

Over the past 24 hours we also see only two coins in red, this time XRP and BNB, which are down around 1%. The highest rise belongs to ethereum (6%). Other coins among the top 10 are up between 0.3% (USDT) and almost 4% (ADA and UNI). Bitcoin is up 2%. However, in total, the average sentscore for these ten coins is 4.72, compared to 5.2 recorded last Monday. Bitcoin's 5.7 is the highest score at the time of writing, back to the first from the third place where it stood a week ago. ETH and UNI share the second place, with 5.5 each. No other coin has a score above 5, with nearly all others standing between 4.2 (LTC and USDT) and 4.7 (ADA). The only coin below that, and the only one in the negative zone, is XRP, with 3.8.

Daily Bitcoin sentscore change in the past month:

Crypto Market Sentiment Goes Up Again, Led by Uniswap and Ethereum 103
Source: Omenics

Omenics rates 35 coins in total. Outside the ten already discussed, the 25 other coins are seeing a nearly all-green picture. Over the past week, only one coin is down, zcash (ZEC), and only by 1%. This was also one of the three coins that had gone down last week. On the other hand, quite a few coins have seen double-digit increases, with the overall winner being WAVES - another one of last week's three red coins - with a 28% rise to its sentscore. The third red coin was monero (XMR), now being green with more than an 8% rise. There are no coins in the positive zone, ten have scores in the 5-5.9 range, while two are in the negative zone - down from last week's four - ontology (ONT) and QTUM. Others sit in the 4-4.9 range.

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* - 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.

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