Crypto Market Sentiment Rises Again, Bitcoin & Ethereum Both in Positive Zone
Crypto market sentiment rose again last week, marking the third consecutive week of improved sentiment among crypto market participants. According to the market sentiment analysis service Omenics, the average 7-day sentiment score (sentscore) for 10 major cryptoassets reached as high as 5.41 today, up from 4.86 a week ago and 4.39 two weeks ago.
The coin with the strongest sentiment among the top 10 coins tracked by Omenics this week was bitcoin (BTC) with a 7-day average sentscore of 6.4. That is well within the zone defined as “somewhat positive” by Omenics, and is up from a score of 5.7 seen last week. The only other coin from the top 10 list that is in this zone is ethereum (ETH), with a sentscore of 6.1, up from 5.5 last week.
All other major coins in the list were in the “neutral” zone, the data from Omenics showed.
The coin with the largest drop in sentiment compared with last week was the stablecoin USD coin (USDC), which in fact was the only coin from the top 10 that saw a drop in sentiment. The coin fell from a sentscore of 4.9 last week to 4.5 as of today.
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 zone
The 24-hour sentscores of the 10 coins show that the sentiment surrounding BTC has become even stronger over the past day, with the sentscore rising to 6.5. ETH, however, was among the coins that had a lower sentscore today compared to for the week as a whole, coming in with a 24-hour sentscore of 5.9.
Among the other coins tracked, cardano (ADA) saw the most significant fall in sentiment over the past day compared to the week. For the past 24 hours, ADA had a sentscore of 4.7, down from the weekly score of 5.1. Similarly, polkadot (DOT) also performed worse over the short term, with the sentscore dropping to 5.1 for the day compared with 5.4 for the week.
In terms of stablecoins, the picture was mixed, with tether (USDT) seeing a notably lower sentscore of 5.4 for the past day compared to 5.8 for the week, while USDC saw a slightly higher score, rising to 4.7.
Daily Bitcoin sentscore change in the past month:
Broadening the scope to cover all of the 35 cryptoassets tracked by Omenics, we can see how bitcoin has once again become the favored coin in the market. The most popular cryptoasset came in with the highest sentiment of all coins tracked, followed by ETH and synthetix (SNX), which were the only three coins in the positive zone.
Excluding stablecoins, the three coins with the weakest sentiment this week were nem (XEM), ontology (ONT) and vechain (VET), with sentscores of 3.9, 4.2 and 4.6. Out of all coins tracked, XEM was the only coin with a sentscore in the negative zone.
* - 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 35 cryptoassets.