Crypto Market Sentiment Slips; XRP Wins Week
Following two weeks of unchanged market sentiment, there's finally been a move - and for the worse. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins dropped from 5.91 seen a week ago to 5.69 recorded today, according to crypto market sentiment analysis site Omenics.
All but two coins are red today, which makes these two winners of the week behind us by default. Interestingly, both have seen quite high percentages. Tether (USDT) sits at the second place with an increase of 8.1%, while at the top stands XRP with the rise to its score of 13.7%. XRP has had quite a ride so far. Since the beginning of this year, this coin was the winner in early February and mid-January as well, but it found itself on the very opposite side of that scale too, in early March and January.
The percentages are relatively high in the red team as well. The highest one belongs to litecoin (LTC), whose sentscore dropped 13.1%. Still, the remaining seven coins had single-digit drops: binance coin (BNB) 8.7%, chainlink (LINK) and ethereum (ETH) 7.4% and 7.2%, followed by polkadot (DOT)'s and bitcoin (BTC)'s 6.7% and 6%, respectively. Uniswap (UNI) and cardano (ADA) fell the least: 4% and 2.5%, respectively.
DOT's and UNI's drops pushed their sentscores out of the positive zone and into the 5.7-5.9 territory. BTC and ETH are the only two left in the positive zone, despite their drops, while BTC is at the verge of losing its score of 7.
Meanwhile, USDT's increase finally led it out of the 4-4.9 zone and to the score of 5, meaning that no coin in the top 10 currently has a sentscore below 5.
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.
Meanwhile, the 24-hour sentscore for the 10 major coins dropped again this Monday, from 5.78 to 5.66. Only BNB, ADA, and DOT are green, but with BNB's 3.9% being the highest increase among the three. USDT and UNI have the largest drops of 6.3% and 5%, respectively, while the rest saw a change between -4.2 (ETH) and - 0.1% (BTC). Overall, four coins are in the positive zone: last week's BTC, ETH, and ADA are now joined by BNB. Meanwhile, tether and chainlink both have scores below 5.
Daily Bitcoin sentscore change in the past month:
The fields are not greener outside the top 10 area either. Among the other 26 coins rated by Omenics, only 5 have seen their sentscores increase over the past seven days: EOS, QTUM, ontology (ONT), NEM (XEM), and tron (TRX) - the last taking the lead with a 3.9% increase. Cosmos (ATOM)'s drop of 9.9% is the highest on the list. Only two coins are now in the positive zone, down from five last week, these being TRX and EOS. That said, despite its rise, NEM remains the only coin with a grade below 5.
* - 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 36 cryptocurrencies.