Crypto Market Sentiment Up Again, ChainLink Gets the Throne
Over the week behind us, the market sentiment continued to climb upwards, albeit in small steps, but also reaching a rarely seen number of individual coins in the positive zone. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins stands at 6.27, up from 6.03 recorded last week, hence moving just a bit dipper into the positive zone, according to crypto market sentiment analysis site Omenics.
One thing that is immediately noticed is all the greenery on the list. Firstly, there are eight coins in the positive zone among the top 10, something which is not seen very often. Bitcoin (BTC) is still leading with a score of 7.5, while ethereum (ETH) re-entered the 7 territory.
Furthermore, like last week, the majority of coins' scores have gone up, with only two coins in red, but different ones this time: bitcoin and tether dropped 0.3% and 1% respectively.
The sentscores of the rest have all gone up, with chainlink (LINK) taking the lead, having gone up 13.6%. Polkadot (DOT) and uniwsap (UNI) also saw double-digit increases of 10%. These are followed by litecoin (LTC)'s 7.5%. Ethereum is in the distant fifth place, with a rise to its score of 3%. And while binance coin (BNB) went up 1.6%, the scores of cardano (ADA) and XRP increased less than 1%.
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.
In the past 24 hours, the sentscore increased from 6.25 last Monday to 6.3 today. Half of the top 10 list is green, including BTC, with UNI going up the most (2.6%) and USDT the least (0.2%). On the opposite side stand the red coins, including ETH, with DOT dropping the most (4.4%) and BNB and XRP the least (both 0.3%). Meanwhile, eight coins are in the positive zone, two more than last Monday. XRP is even closer to this zone, with a score of 5.9, but tether's score is even lower than its 7-day counterpart, standing at 4.7.
Daily Bitcoin sentscore change in the past month:
Now, if we observe the 25 coins outside the top 10, which are also rated by Omenics, we see a largely green picture in the past week. The sentscores of only seven have dropped, which is nonetheless one more than last week. Among these, monero (XMR) dropped the most with 4.7%, and it's closely followed by crypto.com (CRO)'s 4.2% and USD coin (USDC)'s 4.1%. As for the largest increases, synthetix (SNX) is at the top with a 15.5% rise that led it straight into the positive zone. Compound (COMP) with a 11% increase to its score is in the second place, and is also in the positive zone. Speaking of which, eleven coins are in this zone now, with algorand (ALGO) having the highest sentscore among them, 6.7. Otherwise, the lowest score is NEM (XEM)'s 5.1, which, thanks to its increase, left the 4-4.9 zone where it had been the only resident last week.
* - 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 cryptocurrencies.