Crypto Market Sentiment Strengthens Again; Tether Wins the Week
Crypto market sentiment seems to be well on its path back to the positive zone. Following last week‘s growth to 5.18, the combined moving 7-day average crypto market sentiment score (sentscore) for the top 10 coins by market capitalization has made a larger step upwards this Monday, reaching 5.37/10, as data from crypto market sentiment analysis service Omenics shows.
A small majority of the top 10 coins is green this time around, with the winner of the week being tether (USDT), which previously spent some time at the bottom of the list. It has gone up nearly 18%, and is followed by litecoin (LTC)‘s 13.5%. The remaining coins’ sentscores went up 6% and less.
The only two coins in the positive zone saw their scores increase the least over the course of the past week, these being the top two coins, bitcoin (BTC) and ethereum (ETH). While bitcoin beats ethereum with its overall sentscore that’s nearing 7 again, ethereum beats bitcoin with a more-than-double increase percentage.
As for the four coins whose scores dropped, bitcoin cash (BCH) is leading the list with a 7.1 decrease. Binance coin (BNB) is a relatively distant second.
Additionally, fewer coins are in the 4-4.9 zone now – three compared to last week’s five – while no coin has a score below 4.5.
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
The combined moving average sentscore for the top 10 coins in the last 24 hours is currently standing at the positive 6.11 – which is quite a jump from last Monday’s 5.1. There is more good news today: 6 out of 10 coins are in the positive zone, with bitcoin nearing the score of 8 (7.8), and ethereum almost reaching 7 (6.9). Below the score of 6, but all within the 5.1-5.5 range, are (from lowest to highest): EOS, BNB, BCH, and chainlink (LINK), respectively.
Daily Bitcoin sentscore change in the past month:
And when it comes to the coins outside the top 10 list, also rated by Omenics, out of the 29, 16 are green in the past seven days. Though seeing a 5.7% drop, monero (XMR) is still the only other coin in the positive zone besides the top two, now standing at the verge of it, with the score of 6. Conversely, last week’s only coin in the negative zone, komodo (KMD), is up nearly 3.8%, which wasn’t enough to pull it into the neutral zone, but it’s joined this week by ontology (ONT) – both having a score of 3.7. Majority of other coins sit between 4 and 4.9.
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* – 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.
