Crypto Market Sentiment Improves for the Second Week in a Row
The market sentiment has seen an improvement for the second week in a row. The combined moving average 7-day market sentiment measure, sentscore, for the top 10 coins, is up this week to 4.73, compared to last week's 4.33/10, shows crypto market sentiment analysis service Omenics.
Today we find all coins in the green for the past week, and six of them with a double-digit rise. We also have coins in the 5-6 range again - the three that had the highest sentscores last week, these being Bitcoin (BTC), Tether (USDT), and Binance Coin (BNB), respectively. That said, Tezos (XTZ) is still in the negative zone, but it too has been given higher scores this week.
Zooming in to observe the 24-hour situation this Monday, the things have taken a turn for the worse - all but Bitcoin Cash (BCH) and Monero (XMR), the latter of which pushed out Stellar (XLM) from the 10th spot, are in red. Only BTC has a score of 5, which is 0.5 lower than the 7-day sentscore we're seeing today. The overall average 24-hour sentscore for this Monday is 4.37 - less than last Monday's 24-hour sentscore of 4.44 and close to last week's 7-day sentscore of 4.33.
Sentiment change among the top 10 coins in the past week*:
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
Our two winners for the past week have both improved over 14%: BNB and Litecoin (LTC), respectively. BNB boasts a high, positive score of 7.2 in news. It also has 5.4 in fundamentals and 4.4 in social, while its technicals and buzz got 3.6 and 3.5, respectively. Similarly, LTC's highest score is in news with 6.5. It got 5.1 in social and 4.3 in fundamentals, while its lowest score is 3.6 in buzz and technicals each.
Daily Bitcoin sentscore change in the past month:
The coins that have seen their scores rise the least over the last week are Tezos and XRP. Tezos's highest score is 4.9 in news. It further got 3.9 in social and buzz each, as well as 3.7 in technicals, and just 2.8 in fundamentals. Meanwhile, XRP got the neautral 5.2 in news, 4.7 in fundamentals, and 4.1 in social, as well as the negative scores of 3.8 in technicals and 3.3 in buzz.
Now looking at 29 coins outside the top 10 list, we see the situation improving as well. The vast majority of the coins are in green, with only four in red. Seven coins, compared to last week's eight, are in the negative zone, while Nano (NANO) - the only coin in the 5-6 range outside the top 10 and one of only four on the entire list - went up this week again, from 5.1 to 5.2.
* - 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.