Crypto Market Sentiment: Litecoin Joins Bitcoin in the Positive Zone
The crypto market sentiment measure, SentScore this Monday has risen to 5.66, coming closer to the positive zone comparing to last Monday’s 5.36, according to Omenics , a crypto market sentiment analysis service.
Just like last week, most coins are within the neutral zone, except for two. For the third week in a row, we have a change in the second coin to stand with Bitcoin in the positive zone. This week, it’s Litecoin, with 6.3. Last week it was EOS with a Sentscore of 6, now dropping just below the line, at 5.9. The week before that, it was Ethereum next to BTC with 6.3, now being at 5.8.
Looking at the top 10 cryptocurrencies by market capitalization, nothing changes in the number 1 place, where Bitcoin reigns supreme with a score of 7.1, down from 7.3 last Monday, and back to its score from two weeks ago. It has been going back and forth between 7.1 and 7.3 for four consecutive Mondays now. Tether remains as the coin with the lowest, unchanged score of 4.2 and is the only one in the 4-4.9 score range.
Sentiment change among the top 10 coins*:
Interpreting the SentScore’s scale:
- 0 to 2.5: very negative
- 2 to 4: somewhat negative zone
- 4 to 6: Neutral zone
- 6 to 7.5: somewhat positive zone
- 7.5 to 10: very positive
During the course of the week, all but three coins saw a rise in their respective scores. The undisputed winners are Bitcoin Cash (+14.7%) and XRP (+10.5%), though Tether and Stellar deserve a mention, both improving their score by 7.6%. The strongest aspect of Bitcoin Cash is News at 7/10, but the weakest is Fundamental at just 2.7. Similarly, XRP has 7.7 in News, but only 3.6 in Fundamental.
The three that saw a drop are Bitcoin (-4%), Binance Coin (-2.6%), and Ethereum (-0.9%). This week, Bitcoin’s score in Fundamental is at enviable 9.1/10, Technical 7.3, and News at 6.8, while its Buzz and Social are at 5.6 and 5.2 respectively. Binance Coin has strong News (7.3) and Technical (6.6), but its Fundamental is at 3.6. Ethereum’s strongest aspects this week are News at 7.5 and Fundamental at 6, its weakest being Buzz at 4.4.
Meanwhile, TRON has pushed Cardano out from the 10th place. Tron’s score is now 5.8, having risen 2.2% in the last week. After being one of two winners last week (along with Binance Coin), Cardano is at the 11th place now, with a rise in its score of 4.7% in a week.
Out of the 30 coins that are currently tracked by Omenics, only Lisk is still in the somewhat negative zone, standing at 3.8, down from last Monday’s 3.9.
For the month of May, according to the market insights by Omenics, Bitcoin reached the highest score of buzz on May 17th. When it comes to the highest average SentScore for BTC, ETH, and EOS, all saw their highest scores in the middle of the month, rising again at the end of May.
SentScore change in May:
* - 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 30 cryptocurrencies.