Crypto Market Sentiment Slightly Down; BTC and TRX Hold Their Spots
Looking at the 7-day moving average, the combined Sentscore for the top 10 coins by market capitalization dropped somewhat since last Monday, from 5.68/10 to 5.5, according to Omenics, a crypto market sentiment analysis service.
Nonetheless, Bitcoin (BTC) and Tron (TRX) maintain their positions within the positive zone for now, as the only two coins there. Still, the Sentscores of both has dropped: the former went from 6.9 to 6.5, while the latter now finds itself on the verge of the neutral zone, going down from 6.2 to 6.
Unlike last week, when the overall score jumped substantially as a result of the scores of each of the ten coins seeing a significant growth, this time around, only three of the ten are green, while the rest have dropped.
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
The three to have seen a rise in their Sentscores are this week’s winners. At the very top is Bitcoin Cash (BCH) with a growth of 8.8%, going from its last week’s score of 4.9 to 5.3 this Monday. It’s followed by Litecoin (LTC) with 7.2%, rising from 5.1 to 5.4. The distant third is Ethereum (ETH), the score of which went up by 0.3%, from 5.8 to 5.9. BCH’s strongest aspects are news (6.7), technicals (6.6), and social (5.2), while its weakest are buzz (3.9) and fundamentals (2.8). Very similarly, LTC has 6.8 in news, 5.9 in technicals and 5.5 in social, as well as 3.5 in fundamentals and 3.2 in buzz. On the other hand, ETH has high scores of 6.5 in news, 6 in technicals, 5.7 in fundamentals, and 5.4 in social, but only 2.8 in buzz.
Daily Bitcoin Sentscore change in the past week:
Out of the seven coins the Sentscores of which have fallen, the coin that had appreciated the least last week, depreciated the most this time around – Tether (USDT) dropped 9.2% (from 5.3 to 4.8). It’s followed by Ripple (XRP) with a fall of 7.2% (from 5.7 to 5.3). USDT’s highest scores are in news (5.7) and social (5.6), while the lowest are in buzz (4.7), technicals (3.8), and fundamentals (3.4). Meanwhile, XRP has gotten its highest scores in news, social, and technicals (6.5, 5.4, and 5.1, respectively), and its lowest in fundamentals and buzz (4.3 and 3.5, respectively).
Now observing the remaining 29 coins that are currently tracked by Omenics, outside the top 10 list, only six have scores below 5. Komodo (KMD) finally moved to the neutral zone, leaving Holo (HOT) as the only coin in the negative 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 39 cryptocurrencies.