Crypto Market Sentiment Within Reach of Positive Zone
Crypto market sentiment has increased for the fourth week in a row, arriving at a point just below the positive zone. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins is 5.94 today, while last week it stood at 5.85, according to the market sentiment analysis service Omenics. Over half of this list - six coins to be precise - are in the positive zone, but the overall score seems to be dragged down by one coin with a massive drop.
Seven out of the ten coins have gone up over the past week. XRP saw the highest increase of its sentscore, 10.9%. Tether (USDT) is next in line with 7.6%, while bitcoin (BTC) follows this with nearly 6%. Other green coins are chainlink (LINK), cardano (ADA), polkadot (DOT), and ethereum (ETH), respectively - whose sentscores went up between 1.7% and 4.3%.
Notably, this massive drop in USDC's sentsore sent it back from the neutral threshold of 5, to the score of 4.2, hence affecting the overall sentscore for the top 10 coins. It is the only top 10 coin still below the score of 5, while the remaining three (besides those in the positive zone) stand in the 5.5-5.7 territory.
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.
Meanwhile, the 24-hour sentscore for these top ten coins has gone out of the positive zone which it had entered last week, currently standing just below it at 5.99, compared to last Monday's 6.03. Four coins' sentscores are down: ETH, LINK, ADA, and XRP. Meanwhile, while USDC is slightly up (0.6%), but it is currently in the negative zone with a score of 3.8. BNB has the highest rise of 5.1%, followed by BTC's 4.1%, while the lowest belongs to DOT, with just 0.1%, meaning it remains unchanged. Five coins are in the positive zone (BTC, ETH, LINK, DOT, and ADA), and four are in the 5.6-5.9 range.
Daily Bitcoin sentscore change in the past month:
Looking at the weekly performance of the 25 coins besides the top 10 list, we find only four red ones. The highest among these is NEO's 10.5%, and the lowest maker (MKR)'s 0.6%. As for the many increases in the sentscore, the highest is QTUM's 12.2%, and the lowest stellar (XLM)'s 1.3%. Ten coins are in the positive zone, and three have scores below 5, but none in the negative zone. The rest stand in the 5-5.9 range.
* - 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.