Crypto Market Sentiment Unchanged; Cardano Joins Bitcoin in Positive Zone
For the second week in a row, crypto market sentiment score (sentscore) barely moved over the course of the past seven days. It moved even less than last week. Back then, we saw the combined moving 7-day average sentscore for the top 10 coins drop from 4.97 to 4.92, but this time it went up from 4.92 to 4.94/10, not even reaching that sentscore from two weeks ago, according to crypto market sentiment analysis tool Omenics.
Even if the score is a tiny bit higher, fewer coins are green again this week. Compared to the last week's five, only three now have seen a rise in their sentscores over the past seven days. While there are still only two coins in the 5-5.9 range, EOS is out of the negative zone, meaning there are no coins there this time around. But the largest change to be noticed is in the positive zone: bitcoin (BTC) kept it's position there despite the drop in its score, but it's now joined by cardano (ADA) as one of the three rising coins. What's more, ADA has made its way up the list, now sitting in the 7th place, ahead of binance coin (BNB), EOS, and tezos (XTZ).
The 24-hour situation is looking more optimistic though. The combined average sentscore for the top 10 coins is up from 4.51 to 5.17. Five coins have had a rise in their scores, and three coins are back in the positive zone: bitcoin, cardano, and ethereum (ETH). Also, all coins residing within the negative zone last Monday are now in the neutral zone.
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 winners this week are the three coins that have seen their sentscores go up in the past seven days, these being: ADA, tether (USDT), and last week's loser EOS, respectively. Cardano has many high scores and none in the negative zone, which is a rarely seen situation: 7.3 in technicals, 6.9 in news, 6 in buzz, 5.8 in fundamentals, and 4.8 in social. Tether also has a high score in news with 7.1, followed by 5.4 in buzz and technicals each, and 4.8 in social, though it also has the negative 3.5 in fundamentals. EOS' highest score is 6.2 in news, while it has 4.3 and 4.2 in social and buzz, as well as 2.9 and 2.7 in fundamentals and technicals.
The coins that dropped the most are ETH, XRP, and last week's winner BTC, respectively. ETH has 6.7 in news, 6.2 in fundamentals, 5.2 in social, as well as 4.6 in technicals, and 4 in buzz. XRP's strongest aspect is news (5.8), followed by fundamentals (4.8) and social (4.3), while its weakest aspects are buzz (2.8), and technicals (2.5). Bitcoin has both extremes: the positive 9.8/10 in fudnamentals and 6 in news, followed by the neutral 5.4 in social, as well as the negative 3.9 in technicals and 3.1 in buzz.
Meanwhile, the week has taken a turn for the worse for the 29 coins outside the top 10 list, compared to last week. Most coins are in the red now, two coins dropped to the negative zone, and only two are in the positive zone: vechain (VET) and tron (TRX).
* - 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.