Source: iStock / da-kuk
The fifth consecutive red week has pushed crypto market sentiment below 5. The average 7-Day Moving Crypto Market Sentiment Score (sentscore) for ten major cryptoassets has dropped from 5.43 A week ago to 4.8, According to market sentiment analysis service Omenics.
All coins are red this time, with most of them seeing significant double-digit drops. At the top of this list is Binance Coin (BNB) with almost -21%. The next in line is XRP 15.5%, While Chainlink (LINK), Bitcoin (BTC), Uniswap (UNI) and Ethereum (ETH) between 14% respectively, the redness continues 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
In addition, all the coins that were there before left the positive zone this week. Bitcoin is not the closest with 5.9, While Ethereum and Polkadot have 5.7 Each. And these are also the only three coins now with notes over 5.
Not only other coins on the list are now sitting in the 4-4.9 Area, but one has fallen into the negative zone: BNB now has a sentscore of 3.6.
Change mood among the top 10 coins*:
Interpret the sentscore scale:
-0-2.5: Very negative is
-2-3.9: Somewhat negative zone
-4-5.9: Neutral zone
-7,5-10: Very positive zone.
The 24-hour situation brings some relief to market sentiment, although the overall sentscore for the same ten coins is now 4.76, Compared to 5.2 From last Monday. In addition, BNB has almost fallen into the very negative zone and currently has the sentscore of 2.8. That is, five coins have values between 5.1 And 5.7, Including BTC, ETH, ADA, USDT and DOT. In addition, only four coins have fallen in the past day, between 6% from BNB and 0.4% From USDC. The rest has risen, with Unis 10% leading the list and the smallest increase ETHs 2%. Bitcoin is up 5.2% Today.
Daily Bitcoin sentscore Change last month:
Looking at the last 7 days performance of the 25 coins also tracked by Omenics and outside the top 10 list, we see that the big drop in sentiment was not limited to the first ten coins only. The entire list is red without the score of a single coin having risen. 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 thus on the entire 35-coin list-that is in the positive zone with a score of 6.2. Eight more have values above 5, while four coins are now in the negative zone: QTUM, ZRX, NEO and Nem (XEM), all of which are in the range of 3.8 To 3.9.
- Omenics measures market sentiment by calculating the sentscore, which aggregates sentiment from news, social media, technical analysis, viral trends,and coin fundamentals-based on 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” and adds later: “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.”At the moment they rate 35 cryptoassets.*