Crypto Market Sentiment Nears the Positive Zone; Ethereum Gets the Crown
The prices of most major cryptoassets may have risen over the course of the past week, but the market sentiment too made a large step towards entering the positive zone once again. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins jumped from 5.72 seen last week to 5.91 recorded today, as seen in the data provided by crypto market sentiment analysis site Omenics.
There is a 'color reversal' among the top 10 today - while only four coins were green last week, now we see only four red ones. Cardano (ADA)'s sentscore dropped the most, 3.3%. It's followed by polkadot (DOT), XRP, and tether (USDT), respectively, all of which dropped between 1.5% and 1.9%.
The green percentages were higher than the red ones over the past seven days. The highest one is claimed by ethereum (ETH), whose sentscore went up 9.2%, but it's closely followed by litecoin (LTC)'s 9%. Bitcoin (BTC) comes next, as well as chainlink (LINK), binance coin (BNB), and finally uniswap (UNI) with the lowest rise of 2.2%.
There is no change in the number or name of coins that are in the positive zone - it's still occupied by BTC, ETH, UNI, and DOT, in that order, from the highest sentscore to the lowest.
Furthermore, same as last week, only USDT and XRP remain below the grade of 5.
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.
The 24-hour sentscore for the 10 major coins is also up this Monday, sitting at 5.82 compared to 5.72. The situation here today is half-half, so to say. with ETH, USDT, ADA, DOT, and XRP standing on the green side, having seen a daily rise in their sentscores, while on the red side stand BTC, BNB, UNI, LTC, and LINK - all five being coins that went up in the past week. Nonetheless, the coins in the positive zone, and those below the score of 5, remain the same as seen above in the weekly section. Daily highest rise is DOT, while the lowest drop is UNI.
Daily Bitcoin sentscore change in the past month:
Over the course of the last seven days, only seven out of the 26 coins outside the top ten have seen their respective sentscores drop. This ranges from NEM (XEM)'s 11.8% to stellar (XLM)'s 1.2%. On the other hand, EOS's sentscore went up 13.8%, making it the winner of the entire list. The least to go up is NANO which remained virtually unchanged (0.3%). Speaking of NANO though, it's one of the five coins in the positive zone, and also the one with the highest score overall: 6.3. The other four are algorand (ALGO), crypto.com coin (CRO), vechain (VET), and tezos (XTZ). Unlike last week's two, no coin is now below the score of 5.
* - 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 36 cryptocurrencies.