Crypto Market Sentiment Rises, Bitcoin Reclaims Throne, Polkadot Wins Week
The past week brought yet another rise in the market sentiment, moving it deeper into the positive zone - while the world's number one coin by market capitalization reclaimed the throne. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins increased from 6.1 recorded a week ago to 6.39 recorded today, per the data provided by the crypto market sentiment analysis site Omenics.
Just like last week, only one coin out of the ten is in the red, but this time it's tether (USDT), which dropped 3.5% - enough to push it out of the newly gained positive zone and back just below the lower line.
The other nine coins are all green, and noticeably, bitcoin (BTC) reclaimed its long-held spot as the coin with the highest sentscore on the list, pushing ethereum (ETH) back to the second place. That said, both have scores above 7.
Additionally, bitcoin has the second-highest increase in the past seven days, of 12%, while its preceded by polkadot (DOT)'s 14% and followed by cardano (ADA)'s 9%. Ethereum's sentscore increased the least, recording 1.4%.
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.
Zooming into the last 24 hours, we find quite a green field. Not only is the sentscore once again higher than it was last Monday - 6.43 compared to 6.38 - but all 10 coins are in the positive zone. Bitcoin leads with 7.6, while ethereum's drop resulted in a score of 6.9. Other coins have sentscores between XRP's 6 and DOT's 6.5. That said, only four coins' scores actually increased in the past day, despite their high numbers. LINK, ADA, DOT, and LTC are up between 4% and 1%, rescpectively. BTC is unchanged, while the remaining five's scores fell between 4% (ETH) and 1% (XRP).
Daily Bitcoin sentscore change in the past month:
Zooming back out into the 7-day period, but this time observing the 22 coins outside the top 10 list, also rated by Omenics, we find that the sentscores of only two are down, and by small percentages: monero (XMR) with -2% and compound (COMP) with -0.5%. OMG network (OMG) saw the highest increase in its sentscore of 20%, closely followed by REN's 19%. The smallest rise is AAVE's 3%. Meanwhile, thirteen coins are now in the positive zone, up from seven last week, with cosmos (ATOM)'s 6.8 leading the list. All other coins currently sit in the 5.4-5.9 range.
* - 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 32 cryptocurrencies.