Crypto Market Sentiment Jumps Up; Bitcoin Climbs Up
The cryptocurrency market sentiment is still showing sings of being well on its path to recovery, and it’s finally making larger jumps. The combined moving average 7-day market sentiment measure, Sentscore, for the top 10 coins went up for the second week in a row, from 4.79 where it stood last Monday to today’s 5.47/10, according to Omenics, a cryptocurrency market sentiment analysis service.
Furthermore, though Tether (USDT) and EOS (EOS) were red last week, all coins are green this time around. Bitcoin (BTC) is the only coin to stay in the positive zone for the second week in a row, ruling the list back with a Sentscore of 6.8, up from last week’s 6. Additionally, even though we saw no other top 10 coins with a score above 4.9 seven days ago, all but Tether are in within the 5.1-5.7 range, and even USDT is close with a Sentscore of 4.9.
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
Still, winners and losers must be picked. Three winners this time are those with a rise of 20% and more, these being: Ethereum (ETH) with 24.6%, followed by Tron (TRX) with 24%, and Monero (XRM) with a 20% rise – a last week’s winner and the one that pushed Stellar (XLM) to the last place. ETH’s strongest aspect is fundamentals with a grade of 6.2, followed by 5.9 in news and 5.6 in technicals. Its weakest aspects are social with 4.8 and buzz with 3.8. On the other hand, Tron’s highest scores are in news (7.2), technicals (6.5) and social (5.3), while its lowest are in fundamentals (4.2) and buzz (4). Finally, Monero has got 6.6 and 6.3 in technicals and news respectively, while it’s got 4.6 in fundamentals and social each, and 4.3 in buzz.
As no coins saw a drop, those with the smallest percentage to rise are this week’s losers – and even they boast a high percentage. These are Tether with a rise of almost 8% and Bitcoin Cash (BCH) with 10.6%. Tether has a score of 6.2 in news, 5.4 in technicals and 5 in buzz, while also having 4.5 in social and 3.5 in fundamentals. On the other hand, BCH has high scores in technicals, news and social (6.9, 6.6 and 5.1, respectively), and lower scores in buzz and fundamentals (4.5 and 2.9, respectively).
Daily Bitcoin Sentscore change in the past month:
Meanwhile, for the last couple of weeks BTC has been consistently performing even better in the last 24 hour period. Its Sentscore in the last day has surpassed 7 and is now standing at 7.2, however with a change of -0.59%. Additionally, Tron has a Sentscore of 6.4 and ETH 6.2, but both have dropped 0.24% and 0.53%, respectively. The rest of the coins fall in the 5-5.7 range, except for USD with 4.4/10. As a matter of fact, all but EOS are in red.
Looking at the 7-day average scores of the 28 coins outside the top 10 list tracked by Omenics, ten have scores 5 or above, while only Holo (HOT) is in the negative zone with a score of 3.8.
* – 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 38 cryptocurrencies.