Crypto Market Sentiment Near Positive Zone; BTC and TRX Already There
The good fortune for the top 10 coins by market capitalization continues. Observing the 7-day moving average, we find that the combined Sentscore for these 10 coins jumped to 5.68/10 from 4.94 where it stood for the past two weeks, according to Omenics, a crypto market sentiment analysis service. We haven’t seen the overall score above 5, or Bitcoin (BTC) in the positive zone for that matter, since late September.
While five coins were in red last week, all are in green this time around, with four coins appreciating 20% and more. The rest, save for Tether (USDT), have gone up between 10% and 19%. When it comes to Sentscores, only Bitcoin Cash (BCH) is in high 4 (4.9), while the majority are now in 5.1-5.9 range. Additionally, we see two coins in the positive range now: BTC, maintaining its number one spot with a Sentscore of 6.9/10, up from last week’s 5.6, and Tron (TRX) with a Sentscore of 6.2, up from 5.2, though it did fall to the 10th spot, with Stellar (XLM) taking the 9th place this Monday.
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
As all coins are green this week, all are pretty much winners and there is no loser per se. However, some have appreciated more and some less. One of the last week’s winner, which had placed second, is now the first on the winners list – EOS (EOS) appreciated a whopping 29%. It is followed by BTC with 27.1%, after weeks of not making it into the top performers, and not seeing an above-20% rise since early September. EOS has highest scores in news (8.4), technicals (5.9), and social (5). It got 4.2 in fundamentals and 4 in buzz. On the other hand, BTC got 9.3 in fundamentals, 7 in technicals, and 6.3 in news, while its lowest scores are in social (4.9) and buzz (4.1).
Daily Bitcoin Sentscore change in the past week:
The coin to have appreciated the least is USDT, last week’s winner. Tether’s strongest aspects are news with 6.6, technicals with 6.1/10, and social with 5.1, while it received 4.8 in buzz and 3.4 in fundamentals.
Turning our attention now to the other 29 coins that are currently tracked by Omenics, besides the top 10 coins, we find that 21 of them have a 5-5.9 score, while only Komodo (KMD) and Holo (HOT) remain in the negative range. Out of the 39 coins, only one dropped in the last 7 days, 0x (ZRX).
* - 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.