Crypto Market Sentiment Leaves the Positive Zone; XRP Wins the Week & Day
As bitcoin (BTC) fell from its recently reached new all-time high, and with the ongoing market volatility over the past week, the market sentiment dropped out of the positive zone it had reached just a week ago. The combined moving 7-day average crypto market sentiment score (sentscore) for the top 10 coins fell from the positive 6.12 recorded last week to this week's neutral 5.81, per the data provided by crypto market sentiment analysis service Omenics.
This is the third time in a row that the market sentiment was able to remain within the positive zone for only one week before dropping back into the neutral territory.
Part of the reason the overall score is down is that, unlike last week's five, four individual coins are in the positive zone now, and each saw a drop in its respective score. Besides bitcoin and ethereum (ETH), polkadot (DOT) and cardano (ADA) also have sentscores above 6, while litecoin (LTC) dropped below it.
As a matter of fact, all but two coins are red this time around, with drops ranging from chainlink (LINK)'s 2.6% to tether (USDT)'s 15.2%. Tether is also the only one with a score below 5, though binance coin (BNB) sits at the verge of it as well.
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.
Furthermore, the 24-hour average sentscore for the top 10 coins dropped out of the positive zone as well, to 5.93. Nonetheless, all coins but USDT are green, even if most by less than 1%. XRP is the day's winner as well, with a rise to its sentscore of 5.3%, compared to second-placed DOT's 1.6%. Additionally, five coins are in the positive zone, and most have scores above 5, while tether and XRP sit below 5.
Daily Bitcoin sentscore change in the past month:
Interestingly, outside the top 10 list, the situation is not remotely as red. Out of the 26 other coins also rated by Omenics, only five have seen a drop in their respective scores over the last seven days. EOS dropped the most, -16%. On the other hand, zcash (ZEC)'s sentscore is up 35.6%, while monero (XMR) and NANO follow it with increases of 16.7% and 14%, respectively. Furthermore, eight coins are in the positive zone, and none are in the negative zone.
* - 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 36 cryptocurrencies.