Crypto Market Sentiment: Only Bitcoin in the Positive Range
The overall sentiment in the cryptocurrency market is recovering this week with a score of 5.1 for the top 10 coins by market capitalization, compared to last week’s 4.84, according to Omenics (previously - Predicoin,) a crypto market sentiment analysis service. However, out of those, only Bitcoin is not in the neutral range, having broken its 2019 high of 7.2 with a score of 7.3.
And with Bitcoin’s spot at the very top - for at least the twelfth consecutive week - the number of coins in the somewhat positive zone ends. Out of the remaining nine, four are at or above the halfway point and five are below, and none are brushing too close to the positive and negative zones. Litecoin has the second best score with 5.6, while the worst score belongs to Stellar with 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
This is still a significant improvement compared to last week, when only three coins stood at the halfway mark of 5, and six were below. Only XRP and Binance Coin dropped (from 4.6 to 4.5, and from 4.9 to 4.5, respectively), and EOS remained the same with a score of 5, while the others increased their respective scores. Binance Coin’s overall drop can, at least in part, safely be attributed to the Binance hack that marked last week.
This is also the most likely reason why the biggest weekly drop belongs to Binance Coin, at 18%. Only its buzz factor is above the halfway point, at 5.8, while technical and fundamental factors are in the somewhat negative range at 3.9 and 3.8 respectively.
The biggest winner of the week, meanwhile, is Bitcoin with +5.2% to its score. Its fundamentals got the highest score at 8.4, while the lowest belongs to social at 4.9. Pierre-Alexandre Picard, co-founder of Omenics, explains that this is due to the Binance hack and the subsequent reorg discussion. The high scores can, of course, be attributed to the BTC price jump this weekend.
Even when taking into account the other 20 coins that Omenics tracks, Bitcoin still has the highest score, followed by Litecoin. Only one token is below the neutral zone - in the slightly negative zone - and that is Augur (REP) with a score of 3.8. Its price is struggling similarly in the past few days, having dropped 2.55% in the past 24 hours as of the time of writing, while most of the rest of the market is in green.
* - 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.