Crypto Market Sentiment Slips Within Neutral Zone, Bitcoin Alone on Top
The combined moving 7-day average crypto market sentiment score (sentscore) for the top 10 coins by market capitalization has dropped below 5, to the current 4.98/10, as shown by crypto market sentiment analysis service Omenics. Last week it stood at 5.22 following a minor rise.
Seven coins have seen their respective scores drop over the course of the last seven days. The list is led by binance coin (BNB) and its 18.5% drop, with XRP's 6.4% being the distant second. Significantly, both bitcoin (BTC) and ethereum (ETH) - as the two coins that have stood the longest in the positive zone - have also dropped, with ETH falling into the neutral zone, leaving BTC alone in the green zone.
What's more, only three coins now have a score above 5. Though its drop was the smallest, EOS is the closest to the negative zone.
Meanwhile, the three coins whose scores have gone up this time around are chainlink (LINK), cardano (ADA), and tether (USDT). All three were on the red list last week, with LINK leading at the time as well.
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
Today, the combined moving 24-hour average sentscore for the top 10 coins is 5.29, with all but four coins in the green. Bitcoin, tether, EOS, as well as litecoin (LTC) are seeing a decrease in their scores, and even though BTC is still the only one in the positive zone, majority of the others have scores above 5. Closest to the positive zone are ETH and cardano (ADA) with 5.9 and 5.8, respectively.
Daily Bitcoin sentscore change in the past month:
In the past week, the 29 other coins tracked by Omenics, outside the top 10 list, have seen significant drops as well, with only five being green: monero (XMR), tezos (XTZ), basic attention token (BAT), dogecoin (DOGE), and QTUM. That said, only three coins are in the negative zone, same as last week - BAT, komodo (KMD), and decred (DCR) - while there are no coins in the positive zone any longer.
* - 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.