Crypto Market Sentiment Slips, Tether Wins the Week
With the blood being continuously spilled in the crypto market, no wonder the market sentiment was bleeding too. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins dropped again, moving lower towards the negative zone, now standing at 4.46 compared to last week's 4.98, according to the data provided by the market sentiment analysis service Omenics. Not only is no coin in the positive zone any more, after multiple weeks we have coins - that's right, plural - in the negative zone again.
But let's start from the beginning. As said, there is red everywhere - nearly so, as one single coin's sentscore managed to push upwards over the past seven days. Tether (USDT) is up by 1.5%, making it this week's winner. Its sentscore is also among the highest.
All other coins are down, and several of them substantially so. Binance coin (BNB) dropped the most, more than 17%, followed by bitcoin (BTC)'s 16%, polkadot (DOT)'s nearly 14%, as well as cardano (ADA)'s, XRP's, and ethereum (ETH)'s more than 12% each. The lowest drop was seen by uniswap (UNI)'s sentscore, of almost 2%, while litecoin (LTC)'s and USD coin (USDC)'s fell above 4% each.
Bitcoin's and ethereum's drops led the two coins' sentscores to low 5s - ETH is leading the list with 5.2, while BTC is right behind with 5.1. No other coin is in the 5-5.9 range, let alone in the positive zone.
And while most other drops resulted in the neutral 4.1-4.5 sentscores, two were pushed below that and into the negative zone, both with scores of 3.9: BNB and XRP.
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 situation in the past 24 hours is somewhat greener, in comparison to its weekly counterpart at least. Four out of the top ten coins are red, with the highest drop in sentscore seen by USDC, of 7%. The lowest is BTC's 1.5%, while ETH and LTC saw -4.5% and -5%, respectively. As for the green coins, the week's winner, USDT, is on the lower end with almost 1%, while the day's winner is DOT, with an increase to its sentscore of 7.3. That said, only BTC now has a score of 5.1, while the others have scores between 4 (XRP) and 4.9 (UNI). ETH's score today is 4.8. Only LTC is in the negative zone, with a score of 3.8. The overall sentscore for the 10 coins in the past day is now 4.55, compared to last Monday's 4.53.
Daily Bitcoin sentscore change in the past month:
Besides these 10, Omenics rates 25 others. In the past week, only two out of these have seen their sentscores rise, and not by a lot either. Iota (MIOTA) is up 3%, while AAVE increased 2%. On the other hand, the largest drop in a sentscore is QTUM's 31%; the distant second place is taken by WAVES' 17%. Only algorand (ALGO) has a score of 5, with most others sitting in the 4-4.9 range. However, we also see increasingly more coins in the negative zone: six now, double the last week's number. Out of these, QTUM even dropped below the score of 3, to 2.8 - a sentscore we haven't seen in quite a while.
* - 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.