Crypto Market Sentiment Unchanged; Tether and Tron Win the Week 101
Source: iStock/Easyturn

The combined moving 7-day average crypto market sentiment score (sentscore) for the top 10 coins by market capitalization recovered very little over the course of the past week. It went up from 5.48 seen last week to 5.55 recorded today, according to crypto market sentiment analysis service Omenics.

Though the change was a minor one, the majority of coins are green this time around, compared to the all-red picture we saw a week ago. This comes in spite of a drop in the market, with bitcoin (BTC) dropping to the USD 10,000 level, even briefly below it, and altcoins following suit. Ethereum (ETH), for example, fell 20% in a week, trading below USD 350 today.

Both of these coins are still the only two in the positive zone this week, and they saw a rise in their respective sentscores. Though BTC’s is less than 1%, ETH’s rise is 8.6%, bringing its sentscore of 6.5 closer to BTC’s 6.7. Bitcoin has actually risen the least by far, with other green coins seeing increases between 4% and 8.8% – the latter of which belongs to tether (USDT), making it the winner of the week.

Meanwhile, though most coins have grades between 5.1 and 5.8/10, there is also a coin below the score of 5 for the first time in six weeks. And like six weeks ago, that one coin is Bitcoin cash (BCH), which dropped 10% in seven days to a score of 4.5. This is also the highest drop by far among the four red coins, with chainlink (LINK), EOS, and litecoin (LTC) falling between 2.5% and 1%.

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

Crypto Market Sentiment Unchanged; Tether and Tron Win the Week 102
Source: Omenics, 10:15 UTC

Meanwhile, the combined moving average sentscore for the top 10 coins in the last 24 hours has seen a significant drop compared to last Monday. It is now 4.9, while it had seen a smaller rise to 5.93 a week ago, when it stood at the threshold of the positive zone again. Though six coins saw a rise in their scores in the past 24 hours, no coin is in the positive zone, with both BTC and ETH having scores of 5.7. Besides these two, only cardano (ADA) with 5.2, as well as XRP and binance coin (BNB), both with 5.1, have scores above 5. Five coins, or half of the list, are below that number – between 4.3 and 4.6.

Daily Bitcoin sentscore change in the past month:

Crypto Market Sentiment Unchanged; Tether and Tron Win the Week 103
Source: Omenics

As for the 29 coins outside the top 10 list, over the course of the past week, only eight saw a rise in their scores, which is still more than last week’s two. Tron (TRX) is the winner of the entire 39-coin-long list, as its score went up by 12% to 6.3, making it the only one in the positive zone. We also see the first coins in the negative zone after a while: komodo (KMD) fell 19% to 3.7, and ethereum classic (ETC) dropped more than 20% in the past seven days to 3.6/10. Unlike several weeks prior to this, most coins are in the 4-5 range now, with few standing above 5.

___

* – 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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here