Following a slight and short-lasting improvement, the market sentiment dropped once more over the past week. The average 7-day moving crypto market sentiment score (sentscore) for ten major cryptoassets stands today at 5.06, while a week ago it stood at 5.16, according to the market sentiment analysis service Omenics. Notably, there are no more coins in the positive zone among the first 10 coins, and only one among all the rated coins.
Unlike a week ago, when all but one coin were green, this week, all but two are red. The two winners are USD coin (USDC), which is up by 18%, and chainlink (LINK), the sentscore of which increased 5%.
Among the red coins, the largest drop was almost 20%, recorded by XRP. Another double-digit fall is tether (USDT)’s 14%. Ethereum (ETH), bitcoin (BTC), crypto.com coin (CRO), binance coin (BNB), and cardano (ADA) – all saw drops in their respective sentscores between 9% and 7%. Lastly, polkadot (DOT) fell less than 1%.
The decrease in the overall market sentiment is further reflected in the number of coins within the positive zone – there being none this week. The drops in BTC’s and ETH’s sentscores pushed both below the score of 6. The list is now led by bitcoin’s 5.9, followed by USDC’s 5.8, and then ethereum’s 5.7. Additionally, only one other coin has a score above 5, that being DOT with 5.5. The rest have sentscores between 4.1 and 4.9.
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 24h sentscore for these same 10 coins has also seen a decrease. The average sentscore for the past day stood at 4.76, compared to 5.72 recorded last Monday. That said, only four coins’ sentscores are down, and by relatively low percentages: ETH, DOT, BTC, and XRP fell between 2.5% and 1.6%. On the opposite side is the highest increase of 5.5%, seen by LINK, while the others went up between 5.2 (USDT) and 0.8% (ADA). There is one coin in the positive zone here, and it is USDC with a sentscore of 6.2. Bitcoin is down to 5, and Ethereum fell even lower, to 4.9. DOT and LINK recorded 5 and 5.6, respectively, while others have scores between 4.2 (USDT) and 4.4 (ADA). XRP, however, is in the negative zone today, with a score of 3.7.
Now taking a look at the 25 coins outside the top 10 list, we see that only 10 out of the 25 have gone up over the past week. The highest among these is 0x (ZRX) with 10%, while the lowest is tron (TRX)’s 0.2%. As for the drops, the lead here is taken by maker (MKR) and its 13% decrease. The least to fall is nem (XEM) with 0.3%. Unlike the top 10 list, this one has a coin in the positive zone – cosmos (ATOM) with 6.3, making it the only coin there among the 35 coins rated by Omenics. Nine others sit within the 5-5.8 range, twelve have sentscores between 4.4 and 4.9, while three are in the negative zone: XEM and QTUM with 3.9, and OMG with 3.8.
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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
