This Monday sees a new first in this particular series of articles as the average crypto market sentiment measure, Sentscore, for the top 10 coins by market capitalization dropped for the third week in a row, from 5.01/10 last week, to 4.1 this week, according to Omenics, a crypto market sentiment analysis service – which makes it the lowest overall Sentscore we’ve recorded since starting this feature in February this year. This puts the score for the 10 coins at the verge of the negative zone.
Following the recent turbulence in the market, we now see the Sentscores dropping for all top ten coins, with four coins falling into the negative zone: XRP, LTC, BCH, and BNB, respectively. The rest are seated deep into the neutral zone, with scores between 4.1 and 4.8, while the number one on the list, Bitcoin, dropped from the positive 6/10 to the neutral 5.2/10.
Sentiment change among the top 10 coins*:
Interpreting the Sentscore’s scale:
– 0 to 2.5: very negative
– 2 to 4: somewhat negative zone
– 4 to 6: Neutral zone
– 6 to 7.5: somewhat positive zone
– 7.5 to 10: very positive
With all ten coins seeing a drop, this week’s winner will be the coin that plunged the least. Given that all but one saw a double-digit drop, that one is the winner: Tether. Now occupying the 4th, compared to last week’s 6th spot, USDT has got 5.5 in news, 4.7 in social, and 4.4 in buzz, but 4 in technicals and 3.3 in fundamentals.
Turning to the coins on the losing end this Monday, we find LTC dropping 25.7%, followed by BCH with 24.9% and ETH 24.2%. Litecoin’s strongest aspect is news (4.8/10), while its weakest is technicals (2.8). BCH got its highest grade in social (4.7) and its lowest in buzz and technicals (2.8 each). Finally, ETH got 6 in fundamentals, but 2.1 in buzz.
Out of 39 coins that are currently tracked by Omenics, besides the top 10 list, seven are in the negative zone this Monday (ETC is no longer among them though), while three are in the 5-5.9 range, compared to last week’s twelve.
* – 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.