Crypto Market Sentiment Improves, Bitcoin & Ethereum In Positive Zone
The combined moving 7-day average crypto market sentiment score for the top 10 coins by market capitalization remains in the neutral zone, though it has grown to 5.62 from last week’s 5.28, shows the crypto market sentiment analysis service Omenics.
As bitcoin (BTC) is holding above USD 16,300, it continues to lead the crypto market in terms of sentiment, and its moving 7-day average continues to gain in the “very positive” zone at 7.6 out of 10. The same goes for ethereum (ETH), whose recent price action led its positive sentiment growth from 6.3 last week to 6.5 today. BTC and ETH are the only top 10 coins with positive market sentiment.
As for other contenders, XRP, EOS, chainlink (LINK), binance coin (BNB) and cardano (ADA) had a favorable week as their sentiment grew by double digits - from 11% to 19%. As a result, all of them except for BNB are approaching the positive sentiment zone if they manage to maintain the momentum this week. The same applies to litecoin (LTC), whose sentiment didn’t have a great week but still grew by 0.5% and is now in the neutral zone with 5.8.
The only coin with a negative sentiment growth was tether (USDT), as it lost 2.8% of its last week’s score and remains in the neutral zone with 5.2. Just like last week, BNB and EOS still share the lowest market sentiment amongst the top 10 coins by market capitalization and remain not far from the negative sentiment zone with the same score of 4.4, but at least EOS managed to get back to neutral sentiment.
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
Looking at the past 24 hours, the picture is somewhat gloomier. All of the top 10 coins have lost a portion of their weekly sentscore and are in the red. The sole exceptions to this are XRP and BNB coins, whose sentiment has grown by 0.4% and 2.2% respectively. As such, the average moving 24-hour sentscore for the most popular coins is neutral and sits at 5.3, down from 5.47 last Monday. Again, bitcoin and ethereum are the only cryptoassets in the positive zone, scoring 7.4 and 6.4, and there are no coins in the somewhat negative level, shows the 24-hour report.
Daily Bitcoin sentscore change in the past month:
Outside of the top 10 list amongst the coins measured by Omenics, NEM is the only cryptoasset with a somewhat positive 7-day moving average market sentiment of 6.1. By far the biggest growth in terms of sentscore last week was experienced by tezos (XTZ), which improved its sentscore by 30% and returned to the neutral zone. As such, komodo (KMD) remains the only altcoin in the somewhat negative sentiment zone with a score of 3.9 - the lowest amongst all coins measured 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 39 cryptocurrencies.