Crypto Market Sentiment is Back Up, Bitcoin & Ethereum In The Positive Zone
Following a small drop seen last week, crypto market sentiment score (sentscore) is now right back where it was two weeks ago and not a step further, as per crypto market sentiment analysis site Omenics. The combined moving 7-day average sentscore for the top 10 coins is back to 5.77/10.
With the rise in prices - particularly bitcoin (BTC) and ethereum (ETH) surpassing the crucial USD 10,000 and USD 300 levels, respectively - we are also seeing a rise in the majority of the top 10 coins' sentscores.
This also means that LINK has dropped out of the positive zone, and with no coin taking its place, leaving only two coins there: bitcoin and ethereum, both of which saw a significant rise in their respective scores. Bitcoin already reached the relatively rarely seen sentscore of 7, while ethereum stands nearby with 6.7.
The large majority of the remaining coins are in the 5-5.9 range, with only bitcoin cash (BCH) staying below. However, it too is a the verge of this range, seeing a score increase in the past seven days.
The definite winner of the week is one of the last week's two green coins: tether (USDT)'s score went up nearly 25%. Two other coins saw two-digit rises, albeit a lot smaller ones in comparison, these being EOS and bitcoin.
As for the last 24 hours, the situation is even better. The combined moving average sentscore for the top 10 coins has entered the positive zone with 6.2/10 - compared to last week's 5.2. Bitcoin and ethereum have scores of 7.7 and 7.2, respectively, while cardano (ADA), litecoin (LTC), and LINK all entered the positive zone with scores of 6 and above. The other five coins also have high sentscores, between 5.4 and 5.9.
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
Daily Bitcoin sentscore change in the past month:
The 29 coins outside the top 10 list have also had a good week for the most part. Sixteen are green, none are in the negative zone, and three are in the positive zone: IOTA (MIOTA), waves (WAVES), and NEM (XEM).
* - 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.