Crypto Market Sentiment Slips, Tether Wins, Bitcoin Loses Week
Following a string of rises, albeit a short one, the crypto market sentiment saw a drop over the past week, but one that was not large enough to push it out of the positive zone. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins fell to 6.21 compared to last week's 6.39, according to the data provided by the crypto market sentiment analysis site Omenics.
The change is noticeable in that the majority of the list is red now, compared to just a single coin in the past two weeks. The three green coins saw relatively small rises in their respective sentscores, but ones that nonetheless put them on the winners' list. This list is led by tether (USDT)'s almost 3%, and it's followed by polkadot (DOT)'s 0.6%.
Like last week, seven coins are still in the positive zone, even if with lower sentscores. Notably, while BTC had regained its long-held number 1 spot from ETH last week, it lost it again over the past seven days, by a small margin. ETH is back on top with the highest sentscore on this list of 6.9, while BTC now has 6.8. Both had scores over 7 a week ago.
Other positive sentscores range between 6 and 6.5, while the three coins in the neutral zone - XRP, binance coin (BNB), and LTC - all have scores between 5.5 and 5.9.
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 sentscores recorded over the last 24 hours, paint a grim picture. The overall 24h sentcore for the top 10 coins dropped to 5.7 compared to 6.43 last Monday. Furthermore, compared to all 10 last Monday, only 4 are in the positive zone - and bitcoin is not one of them, for the first time in a long time. While it's the only coin whose score is up today (by 2%), BTC's sentscore is still 5.8, the highest among the '5s' so to say, but lower than UNI's 6, EOS's 6.1, ETH's 6.2, as well as that of the coin that 'flipped' both BTC and ETH - DOT's 6.4. The highest drop of the day is litecoin's (8%), which also has the lowest score on the list (5). The smallest drop is XRP's (0.2%).
Daily Bitcoin sentscore change in the past month:
When it comes to the coins outside the top 10, over the past week only five out of the 21 tracked coins saw their sentscores increase, and by relatively small percentages too, the highest being compound (COMP)'s 4%. On the other hand, the highest drop is 0x (ZRX)'s 11%, which pushed the coin's score just below the grade of 5, being the only coin in the 4-4.9 range. And while most coins' scores fall in the 5-5.9 range, a notable number of them have sentscores of 6 and above. The highest among these is AAVE's 6.6.
* - 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 31 cryptocurrencies.