Crypto Market Sentiment Keeps Improving
The average 7-day moving crypto market sentiment score (sentscore) for ten major cryptoassets by market capitalization continues to move towards a somewhat positive zone and stands at 5.91 today - another increase from 5.85 last Monday.
According to Omenics, a crypto market sentiment analysis service, most of the top coins haven’t experienced much of a shift in their sentiment since last Monday but the ones that did had significant moves towards the upside. Tether (USDT) had the greatest improvement in sentiment as it rose to 5.1 - a 16% increase. It was followed by chainlink (LINK), whose sentiment entered the somewhat positive zone at 6.1, up by 11% in the last 7 days.
The rest of the top 10 cryptoassets have gone through a lesser than 4% sentiment shift. XRP has experienced a -3.7% drop in sentiment and is now within the neutral zone. Similarly, the sentiment of binance coin (BNB), cardano (ADA), and uniswap (UNI) coins declined by more than 2%.
Bitcoin (BTC) still leads the list with a positive sentiment of 7.4. Ethereum (ETH) is also deep in the somewhat positive sentiment at 6.8, followed by polkadot (DOT) with 6.4, LINK with 6.1, and UNI at 6. Currently, none of the ten major cryptoassets are in the negative zone.
Zooming into daily sentiment fluctuations, most of the top coins are in the red and only three coins are in the somewhat positive zone today - BTC (7.4), ETH (6.4), and DOT (6.2). USDT is recording yet another sentiment increase today at 5.6, a market-leading 7% daily increase. At the opposite end of the table we find USDT’s competitor USD Coin (USDC) which stands at 5.4 - a 5% decline over the past 24 hours. It’s not a positive sentiment day for ethereum, too, as it is following USDC with a -4.5% daily reduction in sentscore.
Zooming out and looking at all 35 crypto assets tracked by Omenics during the last seven days, iota (MIOTA) has managed to outperform weekly leader USDT with a 20% sentscore increase, although its 7-day moving average of 5.8 does not push it in the somewhat positive zone yet. Other coins that had a great week are compound’s COMP, monero’s XMR, and cosmos (ATOM), all of whom improved their sentscore by more than 10%. The worst performer in terms of market sentiment last week was Maker’s MKR, which lost 8% of its last week’s sentscore.
* - 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 cryptoassets.