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Crypto Market Sentiment Unchanged in 7 Days, Drops in a Day

Crypto Market Sentiment Unchanged in 7 Days, Drops in a Day 101
Source: iStock/Nikada

Following the last week's large drop, crypto market sentiment score (sentscore) barely moved over the course of the past seven days. The combined moving 7-day average sentscore for the top 10 coins slipped from 4.97 reported last week to 4.92/10 this time around, according to crypto market sentiment analysis tool Omenics.

Unlike the previous two weeks, however, these past seven days have seen a few coins going green. Five out of the ten coins have had a rise in their respective sentscores, between 0.8% and 6.5%. We still see only Bitcoin (BTC) in the positive zone, with its score going from 6.1 to 6.3, it being one of the coins to see a rise this week. Meanwhile, Ethereum (ETH) and Cardano (ADA) are still the only two coins in the 5-5.9 range, while one coin slipped into the negative zone this week: EOS.

Zooming into the last 24 hours only, the combined average sentscore for the top 10 coins is down to 4.51 from last Monday's 4.97. While Tether (USDT) and Cardano are green, Cardano has a higher score than Ethereum, and the two are joined by Bitcoin in the neutral zone with the score of 5.6. EOS got companions in the negative zone too: XRP and Bitcoin Cash (BCH).

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

Crypto Market Sentiment Unchanged in 7 Days, Drops in a Day 102
Source: Omenics, 11:30 UTC

The week's winners are Litecoin (LTC) with a rise in its sentscore of 6.5%, followed by Bitcoin's 3.6%. It's been a while since we saw either of these in the winning (or losing) category. Bitcoin has a rarely seen high score of 9.6/10 in fundamentals, followed by 6.1 in news. Its social and technicals got 4.9 each, but its buzz has only 3.3. LTC has a positive score of 7 in news, the neutral 5.8 in social and 4.3 in fundamentals, as well as the negative 3.1 in buzz and 2.7 in technicals.

Daily Bitcoin Sentscore change in the past month:

Crypto Market Sentiment Unchanged in 7 Days, Drops in a Day 103
Source: Omenics

The two coins whose scores dropped the most are EOS and XRP, with -9.4% and -8.6%, respectively. EOS has got 5.7 in news, 4.3 in social and buzz each, as well as 2.7 in fundamentals, and 2.6 in technicals. Meanwhile, XRP's highest score is also in news with 5.5, closely followed by 5.1 in social. It has 4.6 in fundamentals, 3.2 in buzz, while its lowest score is 2.4 in technicals.

If we take a look at the other 29 coins on Omenic's list, we see a better picture compared to last week. Most coins are green, and four are in the positive zone: Chainlink (LINK), Ontology (ONT), TrueUSD (TUSD), and VeChain (VET) - first three having 6 each, and the fourth 6.2. No coin is in the negative zone.


* - 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.

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