Crypto Market Sentiment Improves, Bitcoin & Ethereum Gain, ATOM Drops
Following a week of strong performance in the crypto market, sentiment among market participants is also improving. According to the market sentiment analysis service Omenics, the average 7-day sentiment score (sentscore) for 10 major cryptoassets reached 4.86 today, up from 4.39 a week ago. Bitcoin (BTC) inched closer to the zone deemed as “somewhat positive” by Omenics, with no other 10 coins now left in the negative zone.
Among the 10 coins tracked, only the stablecoin USD coin (USDC) saw its sentscores worsen compared to last week, falling from 5.2 last Monday to 4.9 today.
Other major movers from the top 10 this week included cardano (ADA), which moved up from 3.9 last week to 4.5 today, and crypto.com coin (CRO), which moved from 3.5 to 4.4 – the most among all of the top 10 coins tracked.
Cosmos (ATOM) was one of this week’s losers with a fall in its sentscore of nearly 12% since last week to 4.7 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.
Zooming in to look at the 24-hour sentscore of the 10 coins shows that both BTC and ETH have climbed into the positive zone, each with a score of 6.1. The daily sentscore is significantly above the weekly average, illustrating how strong the crypto market has been over the past 24 hours with respectable price gains for both of the two largest crypto assets.
Among the other coins with strongly improved sentiment over the past 24 hours was ATOM with a rise from 4.7 on the weekly to 5 on the daily, and XRP which rose from 4.2 on the weekly to 4.6 for the past 24 hours.
The two stablecoins tether (USDT) and USDC were the only coins that saw worse sentiment over the past 24 hours compared with their weekly averages. No coins were in the negative zone over the past 24 hours.
Daily Bitcoin sentscore change in the past month:
Taking a broader look to cover all 35 coins tracked by Omenics for the past week once again shows BTC standing out with a score of 5.7. However, the coin’s top sentiment rank was shared by USDT and synthetix (SNX), which also came in with a score of 5.7. The strong sentiment for SNX this week marks an improvement of over 15% compared to last week.
The other major gainers in terms of sentiment from the top 35 were CRO, ADA, and zcash (ZEC), which reached 7-day sentscores of 4.4, 4.5, and 4.7, respectively. Meanwhile, the biggest losers compared with last week not included in the top 10 list were WAVES, vechain (VET), and OMG, with sentscores 3.8, 4, and 4.1, respectively.
Notably, WAVES was also the only coin covered to have a sentiment in the negative zone. All other coins were in the neutral zone, as defined by Omenics.
* - 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.
- Bitcoin Climbs Above USD 43K, Analysts See a Bull Long-term Too
- Bitcoin to Hit USD 93K This Year, According to Less Optimistic Survey
- USD 100K per Bitcoin 'Hopium' Now Moved to Mid-2022
- Bitcoin Is 'Fundamentally Different' From Other Cryptos, Unlikely To Be Replaced - Fidelity