Crypto Market Sentiment Nears Positive Zone; Four Coins There Already
Compared to recent drops in market sentiment score (sentscore), as well as the subsequent smaller rise, itself followed by a stronger move upwards a week ago, this week is seeing another jump towards the positive zone. Per crypto market sentiment analysis tool Omenics, the combined moving 7-day average sentscore for the top 10 coins went from 5.33 recorded last week to 5.87 today.
And that is far from all the good news Omenics is recording today: all coins have experienced a rise in their respective sentscores, and not one is in the negative zone. As a matter of fact, all have scores above 5, and four are in the positive zone – last week’s positive zone-rs Bitcoin (BTC), now with a high score of 7/10, and Ethereum (ETH), which is up to 6.6, are joined by Binance (BNB) and Cardano (ADA), each with 6.1. Cardano overtook Tezos (XTZ), taking the ninth place.
We haven’t seen more than two coins in the positive zone since the combined sentscore’s highest point in a year, recorded in mid-February.
The 24-hour situation is even better. Four coins are red, but five are in the positive zone nonetheless. The lowest sentscore is 5.2 (Tether (USDT) and Bitcoin Cash (BCH)), while the highest is Bitcoin’s 6.9. The combined score for the top 10 coins is 5.95, up from 5.86 reported last Monday, now sitting at the verge of the positive zone.
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
Over the course of the past seven days, several coins have experienced rarely seen changes – higher double-digit rises than usual. BCH leads with a 30% jump, followed by EOS’s over 24% and XRP’s over 21%. BCH has high scores of 6.8 in news, 6.7 in technicals, and 5 in social, but also low scores of 3.8 in buzz and 2.8 in fundamentals. Similarly, EOS’s strongest aspects are news (7.4), technicals (6.6), and social (5), while its lowest are buzz (4.1), and fundamentals (3.2). XRP has 6.7, 6.2. and 6.1 in news, social and technicals, respectively, as well as 4.3 in fundamentals and 3.3. in buzz.
Daily Bitcoin Sentscore change in the past month:
The coins whose sentscores grew the least are Ethereum, Tezos, and Tether – all increasing between 2.9% and 3.4%. Ethereum has 7.6 and 7.5/10 in news and technicals, respectively, 5.6 in social and fundamentals each, and 4.7 in buzz. Tezos also boasts a high 7.6 score in technicals and 6.4 in news, followed by 5.2 in social, 5 in buzz, and 2.9 in fundamentals. Lastly, Tether got 7.4 in news, 5.5 in buzz, while its social, technicals, and fundamentals got 4.7, 4.3, and 3.7, respectively.
As for the 29 other coins observed by Omenics, only four have seen a drop in their scores since last Monday. None are in the negative zone, the vast majority have scores over 5, and eight are in the positive zone.
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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.
