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Crypto Market Sentiment Re-Enters Positive Zone; 3 Coins Join Bitcoin & Ether

Crypto Market Sentiment Re-Enters Positive Zone; 3 Coins Join Bitcoin & Ether 101
Source: iStock/honglouwawa

As foreshadowed by last Monday's 24-hour green picture, the entire week behind us turned green, with the combined moving 7-day average crypto market sentiment score (sentscore) for the top 10 coins by market capitalization reaching the positive 6 today, as shown by crypto market sentiment analysis service Omenics. A week ago, this sentscore was 5.37/10, following a couple of smaller increases towards the positive zone.

That's far from all good news, as a whopping five coins - half of the list - entered the positive zone as well. Bitcoin (BTC) is still leading the list, but it too made a major jump from the somewhat positive 6.8 a week ago to the very positive 7.6 today. It's followed by ethereum (ETH), cardano (ADA), tether (USDT), and litecoin (LTC), respectively.

From the remaining five, four are relatively near to the positive zone as well, boasting sentscores between 5.6 and 5.8. EOS is the only one with a score below 5, but it too has had an increase over the past seven days.

As a matter of fact, all ten coins have seen increases in their scores, with chainlink (LINK) leading the list, having gone up 31%, followed by bitcoin cash (BCH)'s 27%. EOS, with a sentscore increase of 1.5%, is in the last place this week.

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

Crypto Market Sentiment Re-Enters Positive Zone; 3 Coins Join Bitcoin & Ether 102
Source: Omenics.com

But, it remains to be seen how long the overall sentscore will stay in the positive zone. If the combined moving average sentscore for the top 10 coins in the last 24 hours is any indication, not very long. This sentscore went from 6.11 recorded last Monday to 5.68 today. There are only three coins in the positive zone - bitcoin, ethereum, and cardano; EOS is still the only one with a grade below 5, but very close to the negative zone now; and though a small majority has seen an increase compared to the 24-hour period before, all coins have lower sentscores than their 7-day counterparts.

Daily Bitcoin sentscore change in the past month:

Crypto Market Sentiment Re-Enters Positive Zone; 3 Coins Join Bitcoin & Ether 103
Source: Omenics.com

Omenics rates 29 other coins, besides this top 10 list. Only five among these have seen a drop in their sentscores in the past seven days. Nonetheless, major changes are not noticeable. Compared to a week ago, most coins still have scores below 5; the only one in the positive zone is monero (XMR), now with a rise to 6.1; and the only coin in the negative zone is komodo (KMD), down from last week's two.

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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.

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