Crypto Market Sentiment Sinks Further; Tether is the Winner of the Week
The combined moving 7-day average crypto market sentiment score (sentscore) for the top 10 coins by market capitalization has continued its drop over the course of the past seven days, as shown by the crypto market sentiment analysis service Omenics. While it fell to 5.55/10 last week, we find it further down today, at 5.28.
Last week was quite an interesting one for the crypto market, with bitcoin (BTC) climbing to nearly USD 16,000 in a few days, and ethereum (ETH) going over USD 460 at one point, among other ‘climbers.’ These two are the only two remaining coins in the positive zone, though they took different routes over the past week.
The sentscores of seven out of ten coins dropped in the past seven days, the only three going up being: bitcoin, cardano (ADA), and tether (USDT) – the last one taking the weekly winner title with a rise of 8.7% after being on the losing end of the stick for a while.
And while BTC went up, ETH’s sentcore went down. Nonetheless, it is the second-smallest drop, right behind XRP‘s, and a minor one when compared to the double digits seen by some other projects. Among these, EOS has the score with the largest drop, 19.5%. It’s followed by the nearly 19% seen by bitcoin cash (BCH). Binance coin (BNB) and chainlink (LINK) have also seen double-digit drops in their sentscores.
With this drop, EOS fell into the negative zone and is currently the only coin there, though BNB is at its very verge with a score of 4.
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
Still, the 24-hour situation is looking a bit more positive. Compared to last Monday’s 5.47, the combined moving 24-hour average sentscore for the top 10 coins has gone up to 5.71, and nearer to the positive zone where it had recently resided. On the other side is the fact that most of the coins have been painted red over the course of the past day. Bitcoin cash and chainlink are the only two green ones, litecoin (LTC) is unchanged, and bitcoin and ethereum are still the only two in the positive zone. There are, however, no coins in the negative zone, while BNB and EOS are the only two that have sentscores below 5.
Daily Bitcoin sentscore change in the past month:
When it comes to the 29 coins outside the top 10 list which are also rated by Omenics, we find a similar performance over the last seven days: most coins are red, and with double-digit drops at that. The sentscores of only nine coins have gone up, and this includes the coins which have been in the negative zone for at least a couple of weeks now, tezos (XTZ) and komodo (KMD). With a drop of nearly 20.5%, dogecoin (DOGE) has joined XTZ, KMD, and ontology (ONT) in the negative zone. Meanwhile, there are no coins in the positive zone for the second week in a row.
* – 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 39 cryptocurrencies.