Crypto Market Sentiment Takes a Step Up; Bitcoin and Ether Remain Positive
Crypto market sentiment has taken another step upwards. Following the last week's small rise to 5.13/10, the combined moving 7-day average market sentiment score (sentscore) for the top 10 coins has increased to 5.33 over the course of last seven days, as shown by crypto market sentiment analysis tool Omenics. Both Bitcoin (BTC) and Ethereum (ETH) remain in the positive zone as the only ones there - the former with a lower and the latter with a higher sentscore.
The number of coins with a sentiment increase has doubled since last Monday, now there being eight of them. Among these, EOS is leading by far, seeing its score go up by more than 19%, escaping the negative zone. Actually, there are no more coins in the negative zone this week, as Bitcoin Cash (BCH) escaped too. Meanwhile, BTC is one of the two coins whose scores have dropped, the other one being Tezos (XTZ). Still, both dropped 1% or less, which manifested itself in a 0.1 difference in score for both coins compared to last Monday's sentiment. Meanwhile, ETH's score is by 0.1 higher than last week.
In the last 24 hours, the situation is different, and much better than a week ago when it was mostly red. Now, the general perception of the most of the top 10 has improved between 0.5% (Cardano (ADA)) and 10.3% (XRP), with the combined 24-hour average sentscore rising to 5.86 from last Monday's 5.08. No coins are in the negative zone, while four are in the positive zone: Bitcoin (7.3), Ethereum (6.7), Cardano (6.4), and Binance Coin (BNB) (6.3).
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
Three coins have seen their sentiment rise the most over the past week, and these are our winners: EOS, followed by BNB and XRP in the distant second and third places. EOS has a high score of 7.2 in news, though others are much lower: 4.3 in social, 4 in buzz, as well as the negative 3.7 in technicals and 2.9 in fundamentals. On the other hand, BNB has 7.2 in news, 6.1 in technicals, and 5.5 in fundamentals, as well as lower scores of 4.4 in social and 3.4 in buzz. Meanwhile, XRP's highest score is 6.5 in news, followed by 5.6 in social, as well as 4.4 in fundamentals and 4.5 in buzz, while it's lowest score is 3.2 in technicals.
Daily Bitcoin sentscore change in the past month:
The two in red are the losing coins by default: BTC and XTZ. BTC has positive scores in fundamentals (8.8), news (6.6), and technicals (6.3), as well as neutral scores in social (5.4) and buzz (4.1). XTZ's strongest aspects this week are technicals with 7.2 and news with 6, followed by 5.3 in buzz and 5.3 in social, while its weakest aspect is fundamentals with 2.9/10.
When it comes to the remaining 29 coins tracked by Omenics, the large majority has had an increase in their sentscores over the past week. Also, most have scores above 5, no coin is in the negative zone, and two are in the positive zone: Nano (NANO) (6.3) is joined by VeChain (VET) (6.2).
* - 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.