Crypto Market Sentiment Improves Slightly, Altcoins Appreciated The Most
The average 7-day moving crypto market sentiment score (sentscore) for 10 major coins remains largely positive, and even improved further from last week’s 6.33 to the 6.43 today, according to Omenics, a crypto market sentiment analysis platform.
Bitcoin (BTC) still leads the sentiment charts as the only top 10 crypto asset in the very positive zone, currently scoring 7.7. It is followed by Ethereum (ETH), whose sentiment remains largely unchanged from the last week, with a sentscore of 7.1. The closest one to them is Polkadot (DOT), which scored 6.8 - a 3.5% weekly increase. The only top 10 coins in the neutral zone are Tether (USDT) and Binance Coin (BNB). The largest weekly increase (7%) amongst the 10 coins was registered in Litecoin (LTC)'s sentiment, as it entered the somewhat positive zone from the neutral and scored 6.3 this week.
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.
Looking at the window of the past 24 hours, there are no significant changes, though 7 out of 10 top coins are in the red sentiment-wise. The largest 24-hour change is registered in Tether’s and Polkadot’s sentscores, which went down by 3.9% and 3.8% respectively, but remain in their dedicated sentiment zones. Meanwhile, the three that experienced an increase in their already positive sentiment were BTC, Chainlink (LINK), and Stellar Lumens (XLM), all of whom grew their sentiment by less than 3% in the last 24 hours.
The larger changes in market sentiment were registered in altcoins outside the 10 major assets. Of all coins measured by Omenics, the largest 7-day moving market sentiment increase was experienced by Crypto.com coin (CRO), which is still in the neutral sentiment category, scoring 5.5, but appreciated 14% last week. It was followed by Zcash (ZEC), which entered the somewhat positive zone, scoring 6.1, after growing 10% in terms of market sentiment last week. The most significant sentiment loss was experienced by yearn.finance (YFI) project, which lost 10% of its sentscore and tumbled down back into the neutral zone.
Daily Bitcoin sentscore change in the past month:
In terms of positive market sentiment, top altcoins aside from BTC, ETH, and DOT are Nano (NANO) with a sentscore of 6.7, Algorand (ALGO) with 6.6, and Cosmos (ATOM) and Synthetix (SNX) with 6.5. None of the altcoins measured by Omenics are in the negative sentiment zone.
* - 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 36 cryptocurrencies.