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Crypto Market Sentiment Shows Gradual Improvement

Sead Fadilpašić
Last updated: | 3 min read

It has been 10 days since the market went for a dive, and the market sentiment situation has improved ever so slightly. The combined moving average 7-day market sentiment measure, sentscore, for the top 10 coins by market capitalization, went up from last Monday’s score of 4.21 to today’s 4.33/10, according to crypto market sentiment analysis service Omenics.

Source: Adobe/boscorelli

Compared to last week, it’s fairly obvious that the improvement is minimal, but it’s significant nonetheless, particularly if it continues. There are still no coins in the positive zone, none are in the above-5 range either, and there are still two coins in the negative zone – Bitcoin Cash (BCH) once again, while XRP has been replaced by Tezos (XTZ). Nonetheless, seven coins are green now, while another noticeable change is that we have coins with scores above 4.5 this time around, namely, Binance Coin (BNB), Tether (USDT), and Bitcoin (BTC), which has risen from 4.3 to 4.9 during the past week.

That said, the last 24-hour situation inspires hope that this week’s gradual rise will continue, and that next week we may see an even higher sentscore. The combined sentscore for the top 10 coins in the last 24 hours is currently 4.44. Compared to the 7-day score, it may seem small, but it too is significant. Furthermore, we need to remember that the 24-hour sentscore was a negative 3.96 seven days ago. Additionally, while Tezos remains in the negative zone, three coins have scores of 5 and 5.1, these being the 7-day best trio: BTC, USDT, and BNB.

Sentiment change among the top 10 coins in the past week*:
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

Source: Omenics, 14:29 UTC

The winners and losers are also obvious this week. Bitcoin is the definite winner, being the only one with a double-digit rise. Its fundamentals earned a particularly high, rarely seen score of 9.2/10. The rest of its scores, however, are much lower, accounting for the overall lower score than usually seen from BTC. It got 4.7 in buzz, 4 in news, 3.7 in social, and 3 in technicals. XRP’s score landed this coin in a distant second place. It’s the highest score is 5.2 in news, followed by 4.6 in fundamentals and 4.4 in social, while it’s lowest scores are the negative 3.3 in buzz and 2.6 in technicals.

The three red coins are our losers by default this Monday: Tezos took the number one spot here by a lot, seeing a 9.4% drop in its score, while Stellar (XLM) and BCH dropped less than 1% each. While earning the neutral 4.9 in news, 4.3 in social, and 4.1 in buzz, Tezos has negative scores of 3 in technicals and 2.9 in fundamentals. Meanwhile, Stellar has a nearly-positive score of 5.8 in news, neutral scores of 4.8, 4.1, and 4 in social, fundamentals, and buzz, respectively, as well as a negative score of 2.7 in technicals. Lastly, BCH has got 4.8 in news and social each, as well as 3.9 in buzz, 3.1 in technicals, and 3 in fundamentals.

Outside the top 10 list, the situation has also improved slightly. We find 8 coins now with a negative sentscore, and none in the 2-3 range any longer, while still only one coin has a sentscore above 4.9 – Nano (NANO), which went up from 5 last week to 5.1 this week.


* – 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.