Despite barely clinging to the positive zone last Monday, crypto market sentiment has taken a hit over the past week. Compared to last week’s 6.02, the average 7-day moving crypto market sentiment score (sentscore) for ten major cryptoassets is 5.47 today, according to data provided by the market sentiment analysis service Omenics.
Crypto.com coin (CRO), is the week’s winner as it remained almost unchanged. The highest losses are seen by XRP and cardano (ADA), the sentscores of which fell over 15%. But other drops are notable too. Polkadot (DOT)’s sentscore fell 10%, while bitcoin (BTC)’s and ethereum (ETH)’s are down almost 10%. Binance coin (BNB) decreased 8%, tether (USDT) 7%, while USD coin (USDC) and litecoin fell over 4%.
It’s no wonder then that the number of coins in the positive zone dropped as well: from four a week ago to two now, the two being BTC and ETH. BTC also fell out of the 7-8 score territory. Cardano’s drop pushed it below the score of 5, while the rest stand between 5 and 5.7.
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 24h sentscore for these same 10 coins is lower than last Monday’s, currently standing at 5.35 compared to 5.75 a week ago. Only three coins are green today: CRO with a 3% rise to its sentscore, BTC with 0.7%, and BNB with 0.4%. The highest drop is USDC’s 5%. What’s more, both BTC and ETH – the only coins remaining in the positive zone – are close to leaving it. The former’s sentscore is currently 6.2 and the latter’s is 6. USDC, XRP, and ADA are below 5, but not lower than 4.6, while the rest sit in the 5.1-5.7 range.
Daily Bitcoin sentscore change in the past month:
The week hasn’t been good for the 25 coins outside of the top 10 list either, which are also rated by Omenics. All are red, and many with a double-digit drop. The highest decrease to a sentscore is OMG’s 25%, followed by chainlink’s 21%. Fourteen more coins’ sentscores fell 10%-19%. The smallest drop is maker (MKR)’s 3%, with REN’s 5% taking the second place, and tron (TRX)’s 6% the third. Speaking of which, TRX is the only coin in the positive zone on this list, standing at the verge of it, with the score of 6. There has also been a substantial reversal in the number of coins above and below the score of 5, with most of them being below it. What’s more, one – OMG – is now in the negative zone (3.9). Eleven remaining coins stand in the 5-5.7 zone.
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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 35 cryptoassets.
Source: Cryptonews
