Ethereum Leads the Crypto Market Sentiment
The average 7-day moving crypto market sentiment score for 10 major coins rose from 5.03 last week to 5.15 today, shows the market sentiment analysis service Omenics, while ethereum (ETH) became the only coin with a somewhat positive sentscore.
After the entire market sentiment declined last week, it seems like the sentiment surrounding the top cryptoassets might be ripe for a turnaround. Most of the assets have improved their sentiment with the exception of the most popular stablecoin, tether (USDT), whose sentiment dropped by 15% from 5.2 to 4.5, possibly driven by reports of forthcoming regulatory scrutiny in the US. Despite that, USDT remains in the neutral zone. Interestingly, its contender, the second-biggest stablecoin by market capitalization, USD coin (USDC), upped its social sentiment by 6% and is now in the middle of the neutral zone with a score of 5.
On the positive side, ETH continues to lead the crypto market in terms of sentiment, which increased by 6% during the past week and is now in the only coin in the positive zone with a sentscore of 6.2. At the same time, cardano (ADA) has improved its market sentiment by most during the last seven days, as it has risen from neutral 5.1 to 5.7 this week - a 10% increase. Binance Coin (BNB) was the second-best, as it recorded a 9% sentiment increase but remains in a neutral zone with a relatively low sentscore of 4.8.
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.
Looking at the daily situation, it is XRP that’s leading the market sentiment-wise today. Its 24-hour sentscore is up by 13% but still remains in the neutral zone with an overall score of 4.8. The weekly leaders, ETH and ADA are both somewhat positive today, as they score 6.4 and 6, respectively. Bitcoin (BTC) sits on the verge of the positive side, too, with a daily sentscore of 5.9. This Monday is not a good day for chainlink (LINK) though, as it lost 7% of its weekend sentiment and is currently on the verge of a somewhat negative zone with 4.1.
Daily Bitcoin sentscore change in the past month:
Amongst the other assets measured by Omenics, the best performer last week was 0x (ZRX) protocol, whose sentiment improved by over 20% and re-entered neutral zone at 4.2. Aside from the above-mentioned top 10 coins, last week did good for maker (MKR), vechain (VET), and stellar (XLM) coins, all of whom improved their sentscore by slightly more than 9% yet remain in the neutral zone ranging from 4.9 to 5.1. On the opposite side of the spectrum we find omiseGo (OMG) and qtum (QTUM) tokens. The former declined by almost 10% and is now the only measured coin in the somewhat negative zone (3.7) while the latter’s sentiment went down by almost 7% and is currently at 4.3.
* - 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.