Crypto Market Sentiment Inches Up; Bitcoin Loses the Week, Wins the Day
The combined moving 7-day average crypto market sentiment score (sentscore) for the top 10 coins by market capitalization has slightly recoverd from last week's 4.98/10 to the current 5.18. This brings it nearer to the positive zone where it resided for a while this summer, and back into the 5-5.9 range where it mostly stood since, according to data from crypto market sentiment analysis service Omenics. The world's number one, two, and eight coins are the week's losers, though all three went up today.
As it's quite common, we see another week-to-week reversal in the color of the market: whereas seven coins were red last week, meaning their scores had dropped, this week, seven are green. In the past seven days, last week's loser became this one's winner, as binance coin (BNB)'s score went up more than 17%. It's followed by cardano (ADA)'s 14.5%, and bitcoin cash (BCH)'s nearly 11%. In this green group, tether (USDT) went up the least, 0.1%.
The three that dropped are bitcoin (BTC), ethereum (ETH), and litecoin (LTC), in that order. Their falls are minor, but it did bring BTC down from 6.7 to the score of 6.6, while the latter two coins' drops weren't large enough to affect their scores.
That said, bitcoin is still the only one in the positive zone. Four coins (compared to three a week ago) have scores above 5 this time around, with BNB joining the last week's list, and ethereum still sitting on the verge of the positive zone. With its substantial rise, cardano is now relatively near the positive zone as well.
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
Now zooming into the last 24 hours alone, the combined moving average sentscore for the top 10 coins is 5.1 - smaller than both last week's 24-hour sentscore of 5.29 and today's 7-day sentscore. However, at the same time, all coins are green today, with bitcoin leading the pack with an 8.6% rise. It remains to be seen next Monday if the combined sentscore's drop or today's rise will prevail, but for now, we see bitcoin standing at 6.3, though ethereum is still hanging onto the 5.9 score. Only four coins in total have scores above 5, four are above 4, and one - chainlink (LINK) - fell into the negative zone with a sentscore of 3.9.
Daily Bitcoin sentscore change in the past month:
Lastly, looking into the 29 coins outside the top 10 list tracked by Omenics, we find that 22 of them have seen a rise in their respective sentscores over the past week. Zcash (ZEC) is leading the entire 39-coins long list with a rise of 29.1% to a score of 5.3. Meanwhile, the only other coin besides bitcoin in the positive zone is monero (XMR) with 6.3. On the other hand, only one coin is left in the negative zone, this being komodo (KMD).
* - 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.