Crypto Market Sentiment: Now EOS Stands with BTC in the Positive Zone
This Monday, we see the crypto market sentiment slightly dropping comparing to last Monday’s 5.48, now being at 5.36, but still higher than it was two weeks ago (5.1), according to Omenics (previously, Predicoin), a crypto market sentiment analysis service.
Most coins rest within the neutral zone, except for Bitcoin and EOS who are within the positive zone. Ethereum had an enviable Sentscore of 6.3 last week, but dropped by 6.2% this week, now being at 5.9.
Looking at the top 10 cryptocurrencies by market capitalization, as expected Bitcoin is still keeping the number 1 spot on the list hot, with a score of 7.3, up from 7.1 last Monday, and back to the score it boasted two weeks ago. Tether has the lowest score of 4.2 (down from 5 a week ago), followed by Cardano, the score of which remains unchanged at 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
During the course of the week, all but two coins saw a drop in their respective scores, the two being Binance Coin (+3.7%) and Cardano (+2.4%), which makes them this week’s winners. BNB’s news and technical criteria are very strong, both standing at 7.2, immediately followed by buzz with a score of 6.1/10. It’s weaker sides are social (4.5) and fundamental (3.8). Cardano’s strongest aspects are news and social, rated 6.9 and 5.3 respectively. Its other aspects are relatively weak, with buzz having a score of 4.2, fundamental 3.3, and technical 2.6/10.
Though most drops were relatively minor (1%-4%), two were quite noteworthy: Tether dropped by 10.3% and Stellar by 9.8%. Tether has a high score of 6.2 in news, and 5 in fundamental, but it also received 4.7 in buzz, 4.4 in social, and just 2.6 in technical. Similarly, Stellar received the highest score in news, that being 6.5. Its buzz and social are at neutral 4.7 and 4.5 respectively, while its technical and fundamental got only 3.8 and 3.7 respectively.
Out of the 30 coins that are currently tracked by Omenics, only Lisk is in the somewhat negative zone, still standing at 3.9, while Steem, which kept Lisk company last week, rose by 17.3%, from 3.9 to 5.1.
* - 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 30 cryptocurrencies.