After last Monday’s first since we started the Crypto Market series in February, when we saw our lowest reported average crypto market sentiment measure, Sentscore, for the top 10 coins by market capitalization, at 4.1 – we are back into the familiar zone with a Sentscore of 4.41, according to Omenics, a crypto market sentiment analysis service.
While the Sentscores dropped for all top ten coins a week ago, seven are in red this time around, led by BCH, Binance Coin (BNB) and Cardano (ADA). More importantly, however, coins that had inhabited the negative zone last week, are back to the neutral zone – except BCH, but it too saw a rise in its score from 3.4 to 3.7/10. On the other hand, while Bitcoin got 5.2 and Tether 5.1, the rest are scored between 4.1 and 4.5.
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
As said, only three coins saw a rise in their scores: Tether (USDT) is the absolute winner, with 18.9% rise, and it’s followed by BTC with 3.2% and XRP with 2%.Tether’s quite strong in technicals, social and news (6, 5.8, and 5.5, respectively), but its buzz is 4.3 and fundamentals only 3.3. BTC has a high score of 9.3 in fundamentals, while its lowest is 2.4 in technicals. When it comes to XRP, its strongest aspect is news with a score of 5.4, but its weakest is technicals with 2.8.
Among the coins the Sentscores of which dropped over the course of last seven days, BCH takes the lead in this category with a 5.6% drop, and it’s followed by BNB and ADA – both dropping 4.8%. While BCH has 5 in news and 4.7 in social, it got 3.1 in buzz, 2.8 in fundamentals and 2.4 in technicals. BNB got 5.4 in fundamentals, but only 2.5 in technicals. Its other aspects are in the 4.1-4.6 range. On the other hand, ADA’s strongest aspect is news (5.5), while its weakest aspect is technicals (2.7). It got 4.9 and 4.8 in buzz and social, respectively, but also 3.6 in fundamentals.
Meanwhile, besides the top 10 coins, out of 39 coins that are currently tracked by Omenics, five are in the negative zone this Monday, with Ethereum Classic (ETC) back among them, while three are within the 5.2-5.6 range.
* – 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.