Crypto Market Sentiment Steps into Positive Zone, Led by Tether
Crypto market sentiment has continued its upwards trajectory, re-entering the positive zone for the first time since late August. The average 7-day moving crypto market sentiment score (sentscore) for ten major cryptoassets is now 6.04, up from 5.91 seen a week ago, according to the market sentiment analysis service Omenics.
Six coins are up this time around, with tether (USDT) leading the list yet again, with another double-digit increase – of 15%. It’s followed by XRP’s 11%, as well as USD coin (USDC)’s 7%. The other green coins – namely, cardano (ADA), bitcoin (BTC), binance (BNB) – all went up less than 1%.
On the other side are the red coins, with uniswap (UNI) taking the significant lead among the four with its 6% drop. The sentscores of polkadot (DOT), chainlink (LINK), and ethereum (ETH) are down less than 1%.
Four coins, or one less than last week, are currently in the positive zone, these being BTC, ETH, DOT, and LINK, respectively. All the remaining coins’ scores sit within the 5.2-5.8 range.
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 overall sentscore for these 10 coins over the past 24 hours is just below the positive zone, standing at 5.93 at the time of writing. BTC, ETH, DOT, and LINK are already there, while the rest reside between 5.1 and 5.7. That said, only three coins have seen their sentscores rise in the past day, with ADA’s 4% being the highest among them. BTC with 3% follows it, while ETH remains largely unchanged. Among the drops, the highest is USDC’s 6%, and the lowest is XRP’s 0.8%, with the remaining five seeing falls between 3% and 4%.
Daily Bitcoin sentscore change in the past month:
Omenics tracks 35 coins in total, so zooming out to look at the performance of the 25 coins below the top 10, we find the majority of them in the red over the past week. Despite that, many of the twelve rises are significant, and are generally greater than the falls. Among the greens, the winner is 0x (ZRX) with an increase to its score of 19%, followed by compound (COMP)’s 17%, and with a couple of more coins seeing double-digit rises. The smallest increase is tron (TRX)’s 0.5%. The two largest falls are recorded by REN, with 12%, and yearn finance (YFI), with 11%.
* - 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.