Crypto market sentiment is continuing the fall it has started at the end of August. The average 7-day moving crypto market sentiment score for ten major cryptoassets is now 5.43, compared to 5.58 seen a week ago, according to the market sentiment analysis service Omenics.
Unsurprisingly, nearly all coins’ sentscores are in red at the time of writing. The largest drop is seen by binance coin (BNB), having fallen almost 14%. The distant second place is taken by chainlink (LINK)’s 5% fall, followed closely by XRP’s own 5%. Tether (USDT) is not far with a drop to its sentscore of nearly 5%, while bitcoin (BTC) is down 3.5%. Uniswap (UNI), ethereum (ETH), and cardano (ADA) slipped 3%, 1%, and 0.8%, respectively.
The two coins the scores of which have gone up over the past week are polkadot (DOT) with a 3% rise, and USD coin (USDC) with 2%. Notably, though continuing to have the lowest overall sentscore, USDC was also the only winner last week.
Three coins remain in the positive zone, the same as a week ago, but with a couple of differences. Bitcoin and ethereum have since dropped, while polkadot’s score has risen. More coins have fallen below the score of 5, with LINK, ADA, and UNI standing in the 5.3-5.6 range, and XRP, BNB, USDT, and USDC in the 4.3-4.8 range.
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.
Over the past 24 hours alone, the overall sentscore for these same ten coins has dropped as well. The average 24-hour score is now 5.2, compared to last Monday’s 5.47, continually moving away from the positive zone it had shortly reached last month. All coins but USDC – the score of which is up 4% – are red. The highest daily drop is recorded by ethereum, with -10%, with XRP and BNB closely behind it, having dropped 9% and 8%, respectively. Bitcoin fell 7%, while the remaining coins are down between 7% and 2%.
BTC, ETH, and DOT are still the only three in the positive zone, but ETH is now at the verge of it with a score of 6, while DOT overtook it with 6.3, standing second behind BTC’s 6.5. Three more coins have scores within the 5.1-5.4 range, and while BNB dropped to almost 4, no coins are in the negative zone.
Daily Bitcoin sentscore change in the past month:
Now, taking a look at the 7-day performance of the 25 coins outside the top 10 list, we see that the majority of their sentscores have dropped in this time period. Only four are up: tron (TRX) (7%), synthetix (SNX) (5%), algorand (ALGO) (1.5%), and REN (1%), while cosmos (ATOM) is unchanged. As for the drops, the highest among them is 14% seen by yearn.finance (YFI), with several others having double-digit falls as well. The smallest slip is OMG’s 0.4%. Meanwhile, ALGO, ATOM, TRX, and crypto.com (CRO) sit in the positive zone, ten are in the 5-5.9 range, and the rest are below it. Though nem (XEM) is close with its score of 4, no coin is in the negative 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
