Crypto Market Sentiment Recovering; Bitcoin is Back in Positive Zone
This week, we find the average crypto market sentiment measure, Sentscore, for the top 10 coins by market capitalization, at 5.26, up from last week’s 4.46, according to Omenics, a crypto market sentiment analysis service.
There are no coins in the negative range this week. All, except Bitcoin, stand within 4.7-5.6 range, with the majority having a Sentscore of 5/10 and higher. Bitcoin, still occupying the number one spot, is back in the positive range, now having a score of 7.1, comparing to 5.8 last Monday. Meanwhile, Monero, the only top 10 coin within the negative zone last week, has now made its way from the 10th to the 9th place, while its score jumped from 3.7 to 5.
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
No coin on the top 10 list saw a drop in its score this week, so we can only talk about larger and smaller winners, so to say. The biggest winners are those with a growth of 20% and higher in the past week, these being Monero (28%), Bitcoin (26.6%), and Tether (20%). Monero’s highest score is in news (6/10), lowest in technicals and buzz (3.5 and 3.1, respectively), while its fundamentals and social are at neutral 4.5 and 4.4, respectively. Bitcoin has high scores in fundamentals (9.3), news (7) and technicals (6.4), while its social is graded with 4.6 and buzz with 2.8. Meanwhile, Tether’s strongest aspects are news (7.5) and technicals (6.7), the weakest is fundamentals (3.2), while its buzz and social each got a score of 4.1/10.
Bitcoin Sentscore:
The smallest percentages were seen in the Sentscores of Cardano (7.3%) and EOS (7.2%). Cardano has a high score of 7 in news, but its lowest score is 2.8 in technicals. Similarly, EOS received a score of 6.9 in news and 3.2 in technicals.
However, as usual, it can be argued that the loser of the week is the coin which was pushed out of the top 10 list. This time, that would be Stellar, which is now in the 11th spot, having been pushed down by Monero and Cardano. Stellar saw a drop of 4.2%. Its strongest aspect is news, with a grade of 5.4/10, while the weakest is technicals with the score of 2.8%.
Out of the 40 coins that are currently tracked by Omenics, besides the top 10 list, five are in the negative zone this Monday, while the majority is within the neutral 4-4.9 range. Only Nano and Augur have a higher score than that, with 5.3 and 5.5 respectively.
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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 40 cryptocurrencies.
