21 Mar 2022 · 2 min read

Crypto Market Sentiment Improves Over Week, Bitcoin and Ethereum in Positive Zone Today

Source: iStock/Easyturn

 

Sentiment in the crypto market rose slightly this week, after nearly all major cryptoassets recorded higher prices over the past 7 days.

According to data from the market sentiment analysis service Omenics, the average 7-day sentscore for the 10 largest coins tracked rose to 5.08, up from 4.9 last week and 5.02 the week before that.

The boosted sentiment this week was led by a strong improvement in the sentiment around XRP, which increased from 4.1 last week to 5.2 today. Among the other strong gainers was cardano (ADA), which rose from a sentscore of 4.2 last Monday to 4.8 today.

Bitcoin (BTC), meanwhile, saw only a minor improvement in its sentiment, rising from a sentscore of 5.7 last week to 5.8 today. However, it’s still worth noting that BTC had the highest sentscore among the top 10 coins, and that the coin was inching closer to the zone defined as ‘positive’ by Omenics on the weekly overview.

With bitcoin coming in on top and crypto.com coin (CRO) coming in last with a sentscore of 4.1, all of the top 10 coins tracked by Omenics remained in the zone defined as ‘neutral’.

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

Source: Omenics, 12:32 UTC

Zooming in on the changes over the past 24 hours, it seems that bullish momentum and positive sentiment are returning to the crypto market, with ethereum (ETH), bitcoin, and polkadot (DOT) coming in on top.

The strongest among the 10 coins was ETH, which saw a 24-hour sentscore of 6.5, ahead of BTC’s 6.4 and DOT’s 6.2. The high scores mark a strong improvement from the weekly scores for all three coins.

As with the weekly view, CRO came in with the lowest sentscore for the past 24 hours of 4.4.

Daily Bitcoin sentscore change in the past month:

Source: Omenics

Moving back to the weekly view for all 35 coins tracked by Omenics, the picture changed slightly, with synthetix (SNX) coming in on top with a sentscore of 5.9. The coin was followed by BTC with its sentscore of 5.8, and the two privacy coins monero (XMR) and zcash (ZEC), which both had a 7-day sentscore of 5.8.

Like last week, nem (XEM) and ontology (ONT) came in with the worst sentiment, both scoring 3.6 for their 7-day sentscores, making them the only two coins with scores in the negative zone. They were followed by CRO and chainlink (LINK), which both had a sentscore of 4.1.

No coins were in the positive zone, which Omenics defines as having a sentscore of 6 or more.

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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 35 cryptoassets.