Crypto Market Sentiment Jumps Back Into Positive Zone; Litecoin Takes Top
While its two-week-long undecidedness had then been followed by a drop, over the course of the past week the market sentiment jumped up and back into the positive zone. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins took a relatively large step up from 5.69 recorded a week ago to 6.03 seen today - just over the line marking the positive zone - as seen in the data provided by crypto market sentiment analysis site Omenics.
Improvements over the week prior can be seen across the board. For one, only two coins are now red, which is the exact opposite of the last week's situation. These two coins are uniswap (UNI) and tether (USDT), which dropped 5.3% and 2.2%, respectively.
Though a relatively minor drop, the latter still pushed tether back below the score of 5 and back to being the only coin in the 4-4.9 score zone. This comes after it finally reached the grade of 5 last week, being one of only two green coins at the time.
The other was XRP, but this one remained green this week too, though its score rise is the lowest among the eight: 1%. The honor of the highest rise belongs to litecoin (LTC) this time around, and after it saw the largest drop among its peers last week. LTC went up 14.6%, regaining what it had lost and gaining some. It's followed by binance coin (BNB)'s 11.6% and chainlink (LINK)'s 9.3%.
Whereas both were in danger of dropping a grade lower, bitcoin (BTC) and ethereum (ETH) are now up 8.6% each, reclaiming their scores of high 7 and high 6, respectively. Polkadot (DOT) and cardano (ADA) are nearby, with increases to their scores of 8.3% and 7.7%, respectively.
Half of the list - five coins - are in the positive zone now, up from only two last week, these being BTC, ETH, DOT, ADA, and BNB. Besides USDT, other four coins are somewhat near to this area as well, with scores between 5.5 and 5.7.
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.
The 24-hour sentscore has went up as well, compared to last Monday. It jumped from 5.66 to the positive 6.25. That said, only four coins are green today, with UNI going up the most (1.8%) and DOT the least (0.3%). On the other side are the largest and smallest drops, these being ADA's 5.5% on the one hand, and ETH's and LTC's 0.1% on the other. Meanwhile, a notable number of six coins are in the positive zone, these being: BTC, ETH, DOT, UNI, ADA, and LINK. Bitcoin is at the verge of the score of 8, ETH stands at 7, while DOT is just below 7. USDT is still the only one just below 5. The remaining three coins - BNB, LTC, and XRP - have scores between 5.6 and 5.9.
Daily Bitcoin sentscore change in the past month:
Over the course of the past week, the situation has notably changed among the 25 coins outside the top 10 list as well, which are also rated by Omenics. Out of these, the scores of only six have dropped, the highest decrease being 4.2% seen by ontology (ONT). Meanwhile, AAVE saw the highest increase to its score, that of 17.3%, followed by stellar (XLM)'s 13.3%. While stellar is on the verge of the positive zone, AAVE is already there, along with tron (TRX), EOS, monero (XMR), and algorand (ALGO). While, like USDT, NEM (XEM) has the score of 4.9, all the remaining coins sit between 5.3 and 5.9.
Meanwhile, in the past month, only 7 out of the 35 coins are green, and none in the top 10.
* - 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 35 cryptocurrencies.