Crypto Market Sentiment Breaks Drop Streak, BTC & ETH in Positive Zone

Source: iStock / da-kuk

After several weeks of declines, sentiment on the crypto market has improved slightly – and is back above 5. The average 7-day Moving Crypto Market Sentiment Score (sentscore) for ten major cryptoassets is now 5.17, Up from 4.8 Last week, according to data from market sentiment analysis service Omenics.

The list of the ten cryptoassets looks a lot greener this week – which wasn’t that hard to achieve since it was completely red last week. Now all but two coins have seen their respective sentscores rise. Three coins fought for first place with their high scores pretty close to each other, but ultimately XRP won and became the leader of the list and overall winner this week (+14%), followed by uniswap (UNI)’s 13%, as well as USD coin (USDC)’s 13%.

Other coins have recorded single digit increases, the highest being Cardano (ADA) ‘s 9%, before Tether (USDT)’s nearly 7%. Meanwhile, Bitcoin (BTC) is up nearly 6%, Ethereum (ETH) is up 5%, and Binance Coin (BNB) is up 2%.

As for this week’s red coins, Omenics shows Polkadot (DOT) and Algorand (ALGO) falling by 4%.

When it comes to sentscores in the positive zone, there is also green news on this front: BTC and ETH are back in this zone (6). More coins also have values above 5, while BNB remains the only coin in the negative zone – although the score has also increased from 3.6 To 3.8.

Change mood among the top 10 coins*:
Interpret the sentscore scale:

• 0-2.5: Is very negative
• 2-3.9: Somewhat negative zone
• 4-5.9: Neutral zone
• 6-7.49: Rather positive zone
• 7.5-10: Very positive zone.

The 24-hour high score for the top ten coins has taken a bigger leap and is now at 5.9 – Just outside the positive zone – compared to 4.76 From last Monday. USDC is the only red coin that has fallen by 2% in the past day. The highest increase is seen in XRP’s sentscore of 9%, followed by BNB’s 8%. BTC is up 5% while ETH has the second lowest percentage of 0.9% Behind UNIS 0.4%. Four coins are in the positive zone today: BTC, ETH, DOT and UNI with 7.4, 6.9, 6.3 Respectively. While the other coins have values between 5.2 From BNB and 5.9 From ADA, USDC is at 4.2.

Daily Bitcoin sentscore change in the last month:

Source: Omenics

If we zoom out to observe the 25 coins outside the top 10 list, we find that a small majority of them increased last week: 14 to be exact. The highest among these green sentscores is (YFI) s 9%, while the lowest is chainlink(LINK)’ – s-1%. Meanwhile, the highest drop belongs to EOS at -9%, while the lowest drop on this list is -0.9% From zcash (ZEC). Only one coin is in the positive zone, namely REN with a sentscore of 6. Most coins are in the 4-4.9 Range, as only seven have values of 5 and above, while two – compared to last week’s four – are in the negative zone and both were among the best a week ago: QTUM with 3.9 And 0x (ZRX) with 3.8.

Methodology:

• 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 later adds: “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 reporting a general outlook for each coin.” At the moment they rate 35 cryptoassets.*