Crypto Market Sentiment is Back in Green
The cryptocurrency market sentiment continues giving us less activity than we’re accustomed to seeing, showing very slight movements up and down. As a short recap: the combined moving average 7-day market sentiment measure for the top 10 coins went up a bit two weeks ago to 4.68, then it fell to 4.51 last week, and now is up to 4.64/10, according to Omenics, a cryptocurrency market sentiment analysis service.
And as was the case in the few previous weeks, the market is going from mostly red to mostly green and back from one Monday to the next. This time around, it’s almost entirely green, save for Tron (TRX), which was the only green one last week. The only two coins with the score of 5 or above, though, are EOS (EOS) and Bitcoin (BTC).
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
Among the coins that have seen their scores go up, two stand out with the biggest change: EOS (16.4%) and Bitcoin Cash (14.4%). EOS has a high score of 7.5 in news. It’s got 4.5 in social and 4.2 in technicals, while its lowest scores are 3.7 in fundamentals and 3.3 in buzz. Similarly, BCH also has its highest score in news with 6.2/10, followed by 5.6 in socials. Its buzz has a score of 3.9, technicals 3.5 and fundamentals 2.8.
Last week’s only winner is this week’s only loser. Tron’s strongest aspect in the last seven days has been news (5.7), followed by social (4.7) and fundamentals (4.1), and buzz (4). Finally, its technicals has a score of 3.8/10.
Though BTC has got a weekly score of 5.7, in the last 24 hours, its Sentscore is a positive 6.1, as it was last week, with a change of 4%. There are no other coins in the positive zone on the entire list, and no top 10 coins have 5 or more either.
Daily Bitcoin Sentscore change in the past month:
Looking at the 7-day average scores of the 29 coins outside the top 10 list tracked by Omenics, four are in the negative zone, and four have scores of 5 and above.
* - 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.