Crypto Market Sentiment Improves for the Second Week in a Row

Market Market Sentiment

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Sead Fadilpašić

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Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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June 25, 2023

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Crypto market sentiment measure, Sentscore, for the top 10 coins by market capitalization, is continuing its rise, away from the verge of the negative zone, for the second week in a row. Compared to the last week’s Sentscore of 4.41, this Monday finds it at 4.89, according to Omenics, a crypto market sentiment analysis service.

The improvement is also seen in the number of coins that are in the red – that being only one this week, Tether (USDT), compared to seven a week ago. Here we see a reversal in the coins’ performance as the last week’s winner, Tether, is this week’s loser, while one of the losers, Bitcoin Cash (BCH), is now a winner. Furthermore, there are no coins in the negative range this week, with five standing in the neutral 4.3-4.7/10 range and five in the 5-5.6 range. The highest Sentscore once again belongs to Bitcoin, which saw a 0.4 improvement in its score during the course of a week.

Sentiment change among the top 10 coins*:
Interpreting the Sentscore’s scale:
– 0 to 2.5: very negative
– 2 to 4: somewhat negative zone
– 4 to 6: Neutral zone
– 6 to 7.5: somewhat positive zone
– 7.5 to 10: very positive

The two coins that have seen the highest rise in their Sentscores over the last seven days are XRP (21.4%) and BCH (17.1%). XRP has high scores of 6.3 and 5.7 in news and technicals, respectively, but also 3.5 in buzz. On the other hand, BCH has 6.5 in news and 5 in social, while its buzz, fundamentals and technicals got scores between 2.8 and 3.2/10.

Bitcoin Sentscore:

While Tether stood as a winner last week, its Sentscore dropped 10.7% since then, bringing it down from 5.1 to the overall score of 4.7. Its highest score is 5.3 both in social and technicals, while it also got 4.9 and 4.8 in buzz and news, respectively, and its lowest score is in fundamentals, standing at 3.4/10. However, like every time we see a coin pushed out of the top 10 list, we can argue that that coin is also a loser. Cardano (ADA) is now on the 11th spot, while Tron (TRX), which rose 11.5%, took its place as number 10. Cardano was scored with 4.2 last week and, having risen by 10.2%, now has a score of 4.6, but it wasn’t enough to keep its spot. The highest score it received is 6.3 in news, while the lowest is 3.7 in fundamentals.

Outside the top 10 coins, out of 39 coins that are currently tracked by Omenics, only two are in the negative zone this Monday: Holo (HOT) and Komodo (KMD). Five others are within the 5-5.5 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 39 cryptocurrencies.