The average 7-day moving crypto market sentiment score (sentscore) for ten major cryptoassets went up from 4.9 recorded seven days ago to 5.05 – back at the level seen two weeks ago, according to the market sentiment analysis service Omenics. Additionally, there is a single coin in the positive zone over the past week – but four in the negative zone over the past 24 hours.
Overall, the week has been green for the first 10 coins on the list, with six of them seeing a rise in their respective scores – two even double digits. These are cardano (ADA)’s 16% and tether (USDT)’s 13%, making them the week’s winners. While bitcoin (BTC)’s sentscore went up almost 6% over the past seven days, followed by binance coin (BNB)’s 5%, ethereum (ETH) and polkadot (DOT) saw their scores rise 3%.
When it comes to the red coins, the highest decrease is that of crypto.com (CRO), having dropped nearly 10%. It’s followed by USD coin (USDC)’s almost 7%, XRP’s 3%, and cosmos (ATOM)’s also almost 3%.
That said, ATOM is the only coin in the positive zone this week, standing on the verge of it with a score of 6. The majority of other coins stand between USDC’s 5 and BTC’s 5.9, while XRP, CRO, and BNB sit below the score of 5 – but not dipping into the negative zone.
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.
Looking at the overall sentscore for these 10 coins in the past 24 hours, we find it at 4.3. Much like the crypto market has turned bloody over the past few days, so have the sentscores: all ten are down, and notably so. The highest among these is ADA’s 24%, followed by XRP’s 19%. Other double-digit drops include ATOM, BTC, and BNB (between 11% and 13%), while the remaining coins’ scores are down between 4% and 19%. While USDC and ATOM have scores of 5.6 and 5.4, respectively, the rest are below 5. BTC currently stands at 4.9 and ETH at 4.6. Additionally, four coins are in the negative zone: BNB, ADA, XRP, and CRO.
Daily Bitcoin sentscore change in the past month:
Now focusing on the weekly performance of the 25 coins beyond the top 10 list, we find that 11 of them have seen their sentscores increase in this time frame. The highest among these is OMG’s 18%, followed by monero (XMR)’s almost 7%. As for the sentscore drops, the highest one is 17% recorded by chainlink (LINK), with yearn.finance (YFI)’s 11% in the second place. The least to fall is 0x (ZRX) with 1%. No coins are in the positive zone, two have scores above 5 (uniswap (UNI) 5.1 and XMR 5.3), nem (XEM) is in the negative zone with 3.7, and the rest stand within the 4-4.9 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
