Crypto Market Sentiment Unchanged; Cardano Takes the Throne
After finally re-entering the positive zone last Monday, crypto market sentiment is holding onto it tight, but without seeing a relevant change. Compared to last week’s 6.04, the average 7-day moving crypto market sentiment score (sentscore) for ten major cryptoassets is now 6.02, according to the market sentiment analysis service Omenics.
A small majority – or 6 out of 10 – coins have turned or remained red over the past seven days, with tether (USDT) taking the largest drop, of 8.2%. Notably, tether was last week’s winner. Its drop is followed by USD coin (USDC)’s 7.5%, while on the lower end we see litecoin (LTC)’s 3%, polkadot (DOT)’s 2.9%, chainlink (LINK)’s 1.8%, and lastly bitcoin (BTC)’s 0.1%.
On the opposite side is this week’s winner: cardano (ADA), with a rise to its sentscore of 7.9%. The next in line is 4.9% by binance coin (BNB), followed by ethereum (ETH)’s 1.4% and XRP’s 0.3%.
Therefore, bitcoin’s and ethereum’s scores remain unchanged over the past week.
Meanwhile, four of the ten coins are in the positive zone, these being BTC, ETH, DOT, and LINK, respectively. But others are not far behind, with the two stablecoins having the lowest scores, of 5.3. The rest sit within the 5.6-5.9 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.
Now, we’re taking a closer look at the situation in the past 24 hours alone. The 24h sentscore for these 10 coins combined is lower than the one recorded last Monday: 5.75 compared to 5.93 a week ago. All but two coins are red. Therefore, the winners of the day by default are bitcoin, the score of which is up by 5.1%, and binance coin, with 0.3%. The highest drop is 4.1% seen by LINK, with another four coins’ sentscores falling between 2% and 2.5%, two more dropping 1.1% each, and ETH decreasing the least – 0.1%. BTC and ETH are the only coins in the positive zone. And while USDT sits below 5, at 4.6, the rest have sentscores between 5.1 and 5.9.
Daily Bitcoin sentscore change in the past month:
Now, looking into the 25 coins outside of the top 10 list which are also tracked by Omenics, we find that the scores of 11 of them have dropped over the past week. The highest of these is WAVES’s 6.4%, followed by cosmos (ATOM)’s 4.5%. The lowest drop is REN’s 0.1%. Meanwhile, the top two places among the green coins are taken by yearn finance (YFI) with an increase to its sentscore of 8.5%, and maker (MKR) with 7.2%. The lowest rise is 0.3% by vechain (VET). Three coins are in the positive zone – algorand (ALGO), tron (TRX), and zcash (ZEC). WAVES and REN have scores of 4.6 and 4.9, respectively, while the rest sit in the 5-5.9 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.
