The fifth red week in a row has pulled down crypto market sentiment below the score of 5. The average 7-day moving crypto market sentiment score (sentscore) for ten major cryptoassets has dropped to 4.8 from 5.43 a week ago, according to the market sentiment analysis service Omenics.
All coins are red this time, with most of them seeing significant double-digit drops. At the very top of this list is binance coin (BNB) with almost -21%. The next in line is XRP’s 15.5%, while chainlink (LINK), bitcoin (BTC), uniswap (UNI), and ethereum (ETH), dropped between 14% and 12%, respectively. The redness continued with cardano (ADA)’s -11% and polkadot (DOT)’s -10%.
The only two coins with single-digit drops are the two stablecoins: USD coin (USDC) and tether (USDT), with -7% and -0.5%, respectively.
Furthermore, all coins previously there have left the positive zone this week. Bitcoin is not closest to it with 5.9, while ethereum and polkadot have 5.7 each. And these are also the only three coins now with scores above 5.
Not only are other coins on the list now sitting in the 4-4.9 territory, but one has dropped into the negative zone: BNB now has a sentscore of 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 zone.
The 24-hour situation is bringing some relief to the market sentiment, despite the overall sentscore for the same ten coins is now 4.76, compared to last Monday’s 5.2. Also, BNB has dropped nearly into the very negative zone, currently having the sentscore of 2.8. That said, five coins have scores between 5.1 and 5.7, these being BTC, ETH, ADA, USDT, and DOT. Also, only four coins have dropped in the past day, between BNB’s 6% and USDC’s 0.4%. The rest are up, with UNI’s 10% leading the list, and the smallest rise being ETH’s 2%. Bitcoin’s up 5.2% today.
Daily Bitcoin sentscore change in the past month:
Looking at the last 7-day performance of the 25 coins also tracked by Omenics and which sit outside the top 10 list, we see that the large sentiment drop wasn’t contained to the first ten coins alone. The entire list is red, with not a single coin’s score having gone up. The highest drop is WAVES’ 17%, followed by 14% seen by both QTUM and 0x (ZRX). The smallest decrease in sentscore is cosmos (ATOM)’s 0.5%. Meanwhile, ATOM is the only coin among the 25 – and therefore, on the entire 35-coin list – standing in the positive zone, with a score of 6.2. Eight more have scores above 5, while four coins are in the negative zone now: QTUM, ZRX, NEO, and nem (XEM), all sitting in the 3.8 – 3.9 range.
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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
