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Crypto Market Sentiment Lower Still; BTC and TRX Out of Positive Zone

Crypto Market Sentiment Lower Still; BTC and TRX Out of Positive Zone 101
Source: iStock/Koonsiri Boonnak

The high scores didn’t last long. Observing the 7-day moving average, the combined market sentiment measure, Sentscore for the top 10 coins by market capitalization dropped again, for the second week in a row, from 5.5/10 we’ve seen last Monday, to 5.17 today, according to Omenics, a crypto market sentiment analysis service. Hence, it’s inching closer to the 4-5 range, last seen three weeks ago.

After two weeks of staying in the green, positive zone, Bitcoin (BTC) and Tron (TRX) are back into the neutral zone. Bitcoin dropped from 6.5 to 5.8 weekly average score, while today’s Sentscore is 5.3. Tron went from 6 to 5.4 weekly scores, but there’s an even larger difference when we compare that to its today’s Sentscore of only 4.4.

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

Crypto Market Sentiment Lower Still; BTC and TRX Out of Positive Zone 102
Source: Omenics, 12:40 PM UTC

Only one out of the top 10 saw an increase in its Sentscore in the last seven days: Binance Coin (BNB) with a growth of 0.5%. Its strongest aspects this week are news (6.8), technicals (5.8) and social (5.1). On the other hand, its weakest aspects are buzz and fundamentals, graded with 4.1 and 2.7, respectively.

Daily Bitcoin Sentscore change in the past week:

Crypto Market Sentiment Lower Still; BTC and TRX Out of Positive Zone 103
Source: Omenics

Out of the remaining nine coins, four have seen their scores drop by more than 10%, these being Ripple (XRP) with -13.2%, Bitcoin Cash (BCH) with -12.1%, BTC with 11%, and TRX with 10.5%. One of the last week’s losers, XRP’s got 6.5 in news, but only 2.5 in technicals. BCH, last week’s winner, got a score of 6.1 in news, but 2.8 in fundamentals. On the other hand, BTC’s highest grade is in fundamentals (9.3), followed by news (5.9), while it got lower grades in social (4.9), buzz (3.6), and technicals (3.1). TRX’s highest average score for the last week is 6.5 in news, though it got above-5 scores in social and technicals, while both its buzz and fundamentals have been scored with 4.1/10.

Turning our attention to the other 29 coins currently tracked by Omenics, there are eleven coins with a score below 5, compared to last week’s six. Holo (HOT) remains the only coin in the negative range with 3.5, while Nano (NANO) is the only among all 39 coins on the list in the positive zone this week, with a Sentscore of 6.1.

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* - 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 39 cryptocurrencies.

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