Crypto Market Sentiment Worsened as Prices Drop
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The crypto market sentiment measure, Sentscore, for the top ten coins has dropped significantly in the past week, deep into the neutral zone, from last Monday’s 5.32 to today’s 4.8, according to Omenics , a crypto market sentiment analysis service.
The only coin in the positive zone remains Bitcoin, holding the number one spot among the top 10 cryptocurrencies by market capitalization, with the highest Sentscore on the list of 6.9, down from 7.6/10 this time last week.
However, an interesting reversal happened. While most coins called the 5-5.9 range their home a week ago with only Cardano, Stellar, and Tether being below 5, this time, all but two coins are in the 4-4.9 range. Besides Bitcoin, the second on the list by market capitalization, Ethereum, has a Sentscore of 5.3.
Sentiment change among the top 10 coins*:
Interpreting the Sentscore’s scale:
– 0 to 2.5: very negative
– 2 to 4: somewhat negative zone
– 4 to 6: Neutral zone
– 6 to 7.5: somewhat positive zone
– 7.5 to 10: very positive
Second interesting development: there isn’t a single coin in the top 10 list that saw a rise in their score during the last week. Most saw a drop between c. 6% and 18%, with only Tether being below that range, having the smallest drop of -3.2%, which makes it today’s winner. Tether has a high score in news, 7.8/10, and it’s its strongest aspect. Its social (4.6) and buzz (4.1) are quite neutral, but its lowest scores are very low: fundamental at 2.8 and technical at 2.5.
The coin with the largest fall is Bitcoin Cash, dropping -17.6%. It is followed by XRP in the second place with -16.1% and Cardano with -12.3%. We have a somewhat similar situation with these three coins as with Tether. Bitcoin Cash got a high score of 7.1 in news, and while social is at 5.7 and buzz at 3.4, its fundamental got only 2.5 and technical 2.4. Number three on the list by market capitalization, XRP, received its highest score in news as well (6.1), and the lowest score in technical (2.3). The trend continues with Cardano, though its differences in scores are somewhat less pronounced. It received 5.4 in news and 5.3 in social, but just 2.3 in technical.
Bitcoin Sentscore:
Third interesting development: Cardano and Tron, which were in the 10th and the 11th place respectively last week, have pushed out Stellar from the 9th spot and out of the top 10 list. Stellar is now in the 11th place, having dropped 13.7% – the situation which makes Stellar the unfortunate loser of the week.
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Out of the 30 coins that are currently tracked by Omenics, there are fewer coins in the somewhat negative zone. Compared to six last week, there are only three now: Ox (3.1), Ethereum Classic (3.6), and Lisk (3.8).
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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 30 cryptocurrencies.
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