Market Sentiment: Slight Increase Towards Positive Zone
On Monday, the crypto sentiment in the top 10 coins by market capitalization rose a little compared to last week, back to the levels it registered two weeks ago. According to Predicoin, a crypto market sentiment analysis service, the current average sentiment score is 5.66, up from last week’s 5.5.
Out of the top 10, a total of four are at or above the positive line, which starts at 6. Bitcoin is already at its at least sixth consecutive Monday as the leader of the list with a score of 6.6. This week, there is absolutely no coin in the negative range, after Predicoin adjusted its methodology (previously, 2 to 4,5 was considered as the somewhat negative zone.)
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
The differences from week to week are not the same across the list, however. While Bitcoin, Ethereum, Bitcoin Cash, Binance Coin, Stellar, and Cardano improved their respective scores, Tether and EOS dropped, while Litecoin and XRP remain the same as last week.
Over the course of the week, the biggest upward improvement was by EOS with 5.7%, followed by Binance Coin which improved by 5.3%. EOS owes its success to its technical side, with a score of 7, while its weakest link is buzz at 4.2 and news at 4.3. Binance Coin, meanwhile, can thank news with a score of 7.3, but its fundamentals are in the negative range with 3.7.
As for drops, Tether went down by 2.7%, while others are almost unchanged. Tether has a strong news sentiment at 8.1, but its technical side is rated at 3.2, which brings the whole score down quite a bit.
Over the past 24 hours, only three coins seem to be dropping in score: Ethereum, XRP, and Litecoin. This could spell further trouble for XRP, as its highest score since at least the beginning of February was 4.7 on February 24th.
As for the coins outside the top 10 list, Nano joins the positive list behind Bitcoin and Cardano with a score of 6.2. Interestingly, out of the 30 coins (which are the only ones currently tracked by Predicoin), XRP still remains the only one below the negative zone border. The only other coins below a score of 5 are IOTA and OmiseGO. Tezos has a very high buzz and news score, but social sentiment is still neutral, and its total score stands at 5.9 - barely below the positive range.
* - Methodology:
Predicoin 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, “Predicoin 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, “Predicoin 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.