Crypto Market Sentiment Improves; Bitcoin Back in the Positive Zone
The cryptocurrency market sentiment finally made a larger move after weeks of minor activity. Instead of a fall following the last Monday’s rise to 4.64, as the recent established pattern would’ve indicated, the combined moving average 7-day market sentiment measure for the top 10 coins went up to 4.79/10, according to Omenics, a cryptocurrency market sentiment analysis service.
Though the rise itself isn’t large, it breaks yet another pattern: majority of the coins remain in green for the second week in a row, though they’ve been switching between red and green for weeks. All but Tether (USDT) and EOS (EOS) are in green. Besides the two broken patterns, this week is also significant as we see Bitcoin (BTC) back in the positive zone, with a Sentscore of 6. The last time we saw it green was Monday, November 11, 2019. That said, there are no other top 10 coins with a score of 5 or above.
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
Two coins have seen the biggest rise in their scores in the past week: a last week’s winner Bitcoin Cash (BCH) with 8.3%, and Monero (XMR) with 8.2% - a rise which brought it to the 9th spot, pushing Stellar (XLM) to the 10th, and Tron (TRX) out of the top 10 list. BCH has the highest score in news with 6.4, followed by social (5.6) and technicals (5.3). Its two lower scores are buzz with 4.2 and fundamentals with 2.8. On the other hand, Monero has got 5.9 in news, as well as 4.8 and 4.6 in social and fundamentals, respectively. Its technicals is scored with 3.7 and buzz with 3.3/10.
Again we find a last week’s winner as this week’s loser – EOS with a Sentscore of 4.8, having dropped 5.2%. It’s joined by Tether, which fell 3% to a Sentscore of 4.6. EOS has a high score of 6 in news, though it got 4.9 and 4.5 in technicals and social, respectively. It's lowest scores are in fundamentals (3.8) and buzz (3.2). USDT too has a high score of 7.4/10 in news, followed by 5.1 in social. It got lower score in buzz, fundamentals and technicals, these being 4.2, 3.4 and 2.8, respectively.
BTC has performed even better in the last 24 hours. While it’s weekly score is 6, its Sentscore in the last day is 6.6, with a change of 5.6%. Though there are no other top 10 coins in the positive zone, seven of them have got 5 or above.
Daily Bitcoin Sentscore change in the past month:
Now focusing on the 7-day average scores of other 28 coins tracked by Omenics, we find nine coins with the scores between 5 and 5.9, and though none of the remaining coins are in the positive zone, none are in the negative zone either.
* - 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 38 cryptocurrencies.