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Crypto Market Sentiment Unchanged in a Week, 24-Hour Picture Shows an Increase

Crypto Market Sentiment Unchanged in a Week, 24-Hour Picture Shows an Increase 101
Source: iStock/monsitj

Following a slight correction downwards seen last week, the combined moving 7-day average crypto market sentiment score (sentscore) for the top 10 coins by market capitalization has made the tiniest move upwards - from 6.14 to 6.15 - thus virtually remaining unchanged, as shows crypto market sentiment analysis service Omenics.

Half of the coins have seen their scores rise over the past week. Still, many that have been residing within the positive zone have seen a slight drop in their scores, while litecoin (LTC) is out of that group this Monday, now standing at the border of the positive zone. Other major coins, like bitcoin (BTC) and ethereum (ETH) also went down a bit, but still boasting the highest scores among the ten. And though binance coin (BNB) kept its score from last week, it was pushed to the 10th place by EOS - one of the five green coins this week.

And speaking of litecoin, it dropped the most in the course of the last seven days - 2.5%. On the opposite end stands EOS, the sentscore of which increased the most - 3.6%.

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 a Week, 24-Hour Picture Shows an Increase 102
Source: Omenics, 11:00 UTC

Meanwhile, the combined moving average sentscore for the top 10 coins in the last 24 hours is 6.31, compared to last Monday's 6.17. All but two coins' scores have increased, the two being bitcoin cash (BCH) and cardano (ADA). Bitcoin made another move towards a score of 8, currently standing at 7.7, with ETH moving towards 7, now having 6.7. Tether (USDT), BCH, and ADA, are the the only coins not in the positive zone, but the former has a score of 5.5 and the latter two 5.8 each.

Daily Bitcoin sentscore change in the past month:

Crypto Market Sentiment Unchanged in a Week, 24-Hour Picture Shows an Increase 103
Source: Omenics

Lastly, when looking at the 29 coins outside the top 10 list in the past week, which are also tracked by Omenics, we find that most of them had a rise in their respective scores. Six are in the positive zone, and only one has a score below 5 - this being ethereum classic (ETC), which recently experienced another 51% attack. Nonetheless, even ETC corrected upwards nearly 11% to reach its neutral sentscore of 4.5.

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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.

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