Crypto Market Sentiment is Out of Positive Zone Again; BCH is Victorious
As is common in the crypto market, we're seeing a reversal, given that the combined moving 7-day average crypto market sentiment score (sentscore) for the top 10 coins by market capitalization dropped slightly and out of the positive zone reached last week, to 5.92 recorded today, as shown by crypto market sentiment analysis service Omenics.
Given that the last week's score was 6, even the most minute decrease would be sufficient to push the sentscore out of the green zone. Unlike all 10 a week ago, only 3 coins have seen an increase in their respective sentscores over the past 7 days. This makes them today's winners by default. Bitcoin cash (BCH) went up a bit more than 3%, but still the most out of the three. It is followed by bitcoin (BTC) and ethereum (ETH), both of which went up less than 2%.
Meanwhile, the drops are many and are larger. Tether (USDT) leads this list, with a fall of nearly 9%. EOS and binance coin (BNB) take the second and third places respectively, each with a drop of over 5%. Litecoin (LTC) had the smallest decrease in its sentscore.
Meanwhile, despite the redder picture, there are still five coin in the positive zone, including LTC, cardano (ADA), as well as BTC and ETH, with the former inching towards a sentscore of 8/10 and the latter towards 7/10. There was a change in the fifth coin: due to its large fall, tether dropped out of the positive zone, while BCH's increase led it over the sentscore of 6.
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
Meanwhile, the combined moving average sentscore for the top 10 coins in the last 24 hours might be foreshadowing another shift for the next week, as it did for this one. Though only four coins are green, that sentscore is now 6.02, compared to last Monday's 24-hour score of 5.68. Four coins are in the positive zone: last week's BTC and ETH, with ADA dropping out, are now joined by LTC and BCH. Also, there are no coins below the score of 5.1, including EOS - which was the only one with the 24-hour sentcore below 5 last Monday, and has had the 7-day sentscore below 5 for several weeks now.
Daily Bitcoin sentscore change in the past month:
Besides the top 10 coins list, there are 29 other coins rated by Omenics. Among these, 13 are red today. Nonetheless, compared to only monero (XMR) standing in the positive zone for several weeks, two coins are there now - and neither is monero. NANO climbed to 6.2 and stellar (XML) to 6. And though the majority of the 29 coins have sentscores between 4 and 5, only one is below 4, within the negative zone - that once again 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.