Crypto Market Sentiment Moves Up; BTC on Top, ATOM Sees Biggest Improvement
Sentiment among crypto market participants rose over the last week, with major cryptoassets once again seeing the strongest sentiment. According to the market sentiment analysis service Omenics, the average 7-day sentscore for 10 major cryptos rose to 5.02 this week, up from 4.7 last week.
Among the 10 coins tracked, most saw a higher sentscore this week compared to last, with the stablecoin tether (USDT) and XRP being the only two with a lower sentscore. USDT dropped from a sentscore of 5.1 last week to 4.7 today, while XRP dropped marginally from 4.3 to 4.2.
The biggest gainer in terms of sentiment this week was cosmos (ATOM), which rose by 0.8 points from last week to a sentscore of 5.1 today. The coin was followed by BNB and crypto.com coin (CRO), which both rose by 0.7 points to a sentscore of 5 and 4.5, respectively.
Like last week, bitcoin (BTC) had the strongest 7-day sentscore among the top 10 coins tracked, with a score of 5.7.
All of the coins this week had sentscores that placed them in the neutral zone, per Omenics’ definition.
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
Drilling down to look at the changes over the past 24 hours, we can see that the coin with the strongest sentiment is now the stablecoin USD coin (USDC). With a 24-hour sentscore of 6, USDC is the only coin in the top 10 with a sentscore in zone defined as positive by Omenics. The coin was followed by BTC with a 24-hour sentscore of 5.4, which is down markedly compared to its 7-day sentscore.
The only other coin that saw stronger sentiment over the past day compared to its weekly average was CRO, which rose to a 24-hour score of 4.9 from a 7-day score of 4.5. All other coins saw worse sentiment.
XRP and cardano (ADA) were the only two coins with 24-hour sentscores in the negative zone, with scores of 3.9 and 3.8, respectively.
No coins had a sentscore in the positive zone over the past 24 hours.
Daily Bitcoin sentscore change in the past month:
Zooming out to look at all 35 coins tracked by Omenics on a 7-day basis, it seems that the market favors large-capitalization cryptoassets at the moment, with no signs of an ‘altseason’ in sight.
The strongest sentiment is still seen on BTC, followed by USDC and ETH. From outside the top 10, REN came in with the fifth best sentiment with a score of 5.5, while zcash (ZEC) and uniswap (UNI) had scores of 5.3 and 5.2, respectively.
On the negative side, tezos (XTZ), nem (XEM) and ontology (ONT) all came in with 7-day sentsocores of 4. The three altcoins were followed by XRP, chainlink (LINK) and EOS, with scores of 4.2, 4,2, and 4.3, respectively.
Notably, all coins tracked by Omenics had 7-day sentscores in the zone defined as neutral.
* - 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.