Crypto Market Sentiment Unchanged, Litecoin Takes The Week’s Throne
A new month has begun, the last in 2020, and its first week saw no change in the Cryptoverse’s market sentiment. The combined moving 7-day average crypto market sentiment score (sentscore) for the top 9 coins by market capitalization has just barely moved from 5.98 recorded last week to 5.94 this Monday, still standing right in front of the door into the positive zone, according to data from the crypto market sentiment analysis service Omenics.
For the third week in a row, the top 10 coins list doesn’t include bitcoin cash (BCH) which saw another hard fork two weeks ago and whose sentscore is still at 0.
With the very slightly lower score this week, we also see that most coins’ sentscores have dropped in the last seven days. The only green ones are litecoin (LTC), ethereum (ETH), cardano (ADA), and bitcoin (BTC), respectively. Litecoin – one of last week’s losers – is the week’s winner, having seen an increase in its sentscore of 3.3%.
That said, the latter three are all in the positive zone, led by bitcoin’s score of 7.4. The three are joined by XRP’s 6.1, which is a drop from last week’s 6.2. And even though litecoin hasn’t been in the positive zone for two weeks now, it and stellar (XLM) are the closest to it from the remaining coins.
And speaking of stellar, among the red coins, its score dropped the most: 6.2%. The second-placed chainlink (LINK) dropped 4.5%. In comparison, tether (USDT) dropped the least, just 0.1%, thus remaining unchanged week-over-week. That said, tether is still the only coin among the nine observed coins below the grade of 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
Unlike last week when the picture turned more positive in the 24-hour time frame, Omenics shows that this Monday, most of the individual scores dropped. Furthermore, the combined sentscore for these nine coins dropped to 5.7, compared to last Monday’s 5.58. Top three coins – BTC, ETH, and XRP – are still green, however, and are the only three there, while the world’s top two coins are the only two remaining in the positive zone, with the number of coins in this zone gradually dwindling each passing week. Among the red coins, binance coin (BNB) dropped the most today, 8.3%. The second-placed cardano fell 3.7%, while stellar’s sentscore dropped the least, less than 1%.
Daily Bitcoin sentscore change in the past month:
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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 39 cryptocurrencies.
