Crypto Market Sentiment Hits Yearly High; Bitcoin, Ethereum Break Records
After circling the same spot for about two weeks, crypto market sentiment score (sentscore) made another jump over the course of the past seven days, stepping into the positive zone and reaching new highs this year. The combined moving 7-day average sentscore for the top 10 coins went up from 5.77 a week ago to the positive 6.24/10, according to crypto market sentiment analysis tool Omenics.
The crypto market is continuing its run upwards, seeing bitcoin (BTC) shortly hit USD 12,000 and ethereum (ETH) near USD 400, with a number of altcoins following suit. It's no wonder then that the sentiment is also hitting several highs this week.
Besides the overall sentscore, bitcoin set its personal record in 2020 with a score of 7.8/10, followed by ethereum's 7/10. Furthermore, four other coins are in the positive zone, which means that six coins are within this zone.
But the other four are not far behind either, standing in the 5.5 - 5.9 range.
The situation is very similar to the one recorded in February this year when the crypto market sentscore reached 6.23/10. Back then, we also saw six coins in the positive zone, with the rest in high 5s, but the individual scores were slightly lover.
The jump in February was followed by a drop of nearly 10% a week later.
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
Bitcoin cash (BCH) and litecoin (LTC) experienced the highest rise in their respective scores - both above 20%. With the exception of bitcoin's 13%, other coins had an increase in their scores of 10% or less.
Only one coin ended up in the red territory this week, though it too suffered a minor fall: chainlink (LINK) dropped just over 1%. Nonetheless, the coin moved to the 9th spot, pushing EOS to the 10th.
Meanwhile, the combined moving average sentscore for the top 10 coins in the last 24 hours is 6.17 - slightly lower than last Monday's 24-hour score of 6.2. The same six coins are in the positive zone, half of the coins are in red, and the individual scores for many of the coins are lower than for their 7-day selves.
Daily Bitcoin sentscore change in the past month:
However, the week wasn't as prosperous for the other 29 coins rated by Omenics, outside this top 10 list. Only 8 of them have seen an increase in their respective sentscores. Among these is tron (TRX) which is one of the two coins in the positive zone, along with NEM (XEM). A large majority of the coins on this list are in the 5-5.9 zone, only three are below that, but none are in the negative zone.
* - 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 39 cryptocurrencies.