Crypto Market Sentiment Recovered; Bitcoin and Monero in Positive Zone
The crypto market sentiment measure, Sentscore, jumped up from the 4.43 (the average for the top 10 coins) near-verge of the negative zone from last week, to 5.35 this Monday, according to Omenics, a crypto market sentiment analysis service.
The number one among the top 10 cryptocurrencies, Bitcoin, also left the (for this token) low score of 5.6, and climbed back up into the positive zone, with a Sentscore of 7.2.
Unlike the two previous weeks, both having a coin in the negative zone, there are no coins bellow the score of 4 this time. Furthermore, there was a surprising turn of events, as Monero, not only made its way to the top 10 list, pushing out last week’s winner Cardano, but is the only other coin in the positive zone, with a high score of 6.1.
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
All coins but one saw a rise this week, and for most of them, it was a double-digit number. Still, the winner is Monero, appreciating 23.7%. The second place is taken by Bitcoin Cash (+17.6%). Monero’s got a high score of 7.6/10 in news, 4.6 in social, 4.3 in technicals and fundamentals, but only 3 in buzz. Similarly, BCH has 6.1 in news, 5 in social, but only 2.8 in fundamentals.
Binance Coin is the only among the ten to see a drop this week (-4.7). It received 6.4 in news, 4.8 in social, 3.7 in fundamentals, and 3.3 in technicals and buzz. However, technically, the coin that left the top 10 list all together could be seen as the biggest loser – this week Cardano fell from the 10th to the 12th spot, even though it saw a 7-day rise of 18.6%. Nonetheless, Cardano is now behind last week’s drop-out, Tron, which also rose by 21.5%, but it wasn’t enough to surpass Monero.
Out of the 40 coins that are currently tracked by Omenics, six (down from last week’s eleven) are in the negative zone, while Tezos and NEO have scores of 5.8 and 5 respectively, as the only two coins in this range outside the top 10 list.
* - 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 40 cryptocurrencies.