Crypto Market Sentiment Slightly Lower; EOS is This Week’s Winner
This Monday, the average crypto market sentiment measure, Sentscore, for the top 10 coins by market capitalization is 5.22/10, slightly less than last week’s 5.26, according to Omenics, a crypto market sentiment analysis service.
Not a single coin is in the negative range for the second week in a row. Bitcoin is the only one in the positive zone, with a score of 6.6/10, comparing to last week’s 7.1. The rest of the top 10 are in the neutral zone.
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 winner and loser lists are very clear this week. Only three coins saw a drop in their scores in the last seven days, and we’ll get to them in a moment. For now, we’ll discuss the two coins with the biggest rise in their Sentscores, these being EOS (14.1%) and Cardano (13.2%). Both of these were at the bottom of the list seven days ago. EOS got the highest scores in the news (6.8) and technicals (5.8). Its social is 4.5, while its buzz and fundamentals got a 4/10 each. On the other hand, Cardano has 7.5 in news and 5.8 in social, while it got 3.7 in fundamentals and 3.5 in buzz and technicals.
Bitcoin Sentscore
The three coins that saw a drop in their Sentscores are USDT (-11.4%), BNB (-10%), and BTC (-4%). Tether’s strongest aspect is news, with a score of 7.2/10, but its weakest is fundamentals, with a score of 3.2/10. Binance Coin’s highest grade is also in news (6.5), but the lowest is in technicals (2.6). Bitcoin had the smallest drop in its overall score in the past seven days, getting a high score of 9.3 in fundamentals, but 2.6 in buzz.
Out of the 40 coins currently tracked by Omenics, outside the top 10 list, only four are in the negative zone this Monday, comparing to last week’s five. Furthermore, five coins are in the 5-5.9 range, compared to two last Monday.
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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.
