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Crypto Market Sentiment Takes Another Dive, 5 of the 10 Major Coins in the Negative Zone

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Sead Fadilpašić

Journalist

Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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Last updated:

June 26, 2023

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It hasn’t been a good week for the crypto market, and it seems to have been even worse for crypto market sentiment. The average 7-day moving crypto market sentiment score (sentscore) for ten major cryptoassets dropped from 5.05 recorded a week ago to 4.39 we’re seeing today, according to the market sentiment analysis service Omenics. There are no coins in the positive zone, and five – half of the top 10 – have dropped into the negative zone.

All but a single coin’s sentscore have dropped over the past seven days. USD coin (USDC) managed to rise almost 6%, making it the week’s winner.

On the other hand, the falls were substantial, and most of them double-digit. The highest among these is cardano (ADA)’s nearly 30% drop, followed by binance coin (BNB)‘s 21%. Chainlink (LINK), polkadot (DOT), crypto.com coin (CRO), and bitcoin (BTC), all saw their sentscores decrease between 18% and 12%. Ethereum (ETH) is not far behind with -8%, followed by XRP and its -6%. The least to drop is tether (USDT) with -2%.

That said, there are no more coins in the positive zone. BTC’s and ETH’s drops have led the coins’ sentiments to the brink of score 5. Only these two along with USDC and USDT have scores between 5 and 5.2. And while DOT is sitting at 4.4, the rest are in the negative zone. More precisely, BNB, ADA, LINK, XRP, and CRO, stand between the somewhat negative 3.9 and 3.5.

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.

Now focusing on the performance of these same coins within the past 24 hours, we find the overall sentscore at 4.76, compared to 4.3 seen last Monday. Over the past day, most coins’ sentscores have increased. The leader on that list is CRO with the rise of 6%, while the least to climb is XRP with 0.6%. BTC is up 1%. Meanwhile, BNB, USDT, ETH, and ADA are down between 5% and 0.6%. That said, only one coin today is in the negative zone: BNB with 3.7. Meanwhile, five coins stand between 4.9 and 4.2, while four (including BTC and ETH) sit between 5.6 and 5.3. There are no coins in the positive zone.

Daily Bitcoin sentscore change in the past month:

Observing the 7-day performance of the 25 coins outside the top 10 list, we find that only 7 of them have seen their sentscores increase. The highest of these is 5% recorded by REN and compound (COMP) each, while the lowest is 0.3% seen by 0x (ZRX). On the other hand, the highest drop has been recorded by ontology (ONT) with nearly -18%. Several other coins have double-digit decreases as well. The lowest red number is -2% seen by maker (MKR). There are no coins in the positive zone; only two (synthetix network token (SNX) and cosmos (ATOM)) have scores between 5 and 5.2; the majority is within the 4 and 4.9 range; and five are in the negative zone.

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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 35 cryptoassets.