Crypto Market Sentiment Climbs Higher; Bitcoin Gets Company

Crypto Market Sentiment Climbs Higher; Bitcoin Gets Company
(Source: iStock/Nikada)

The cryptocurrency market sentiment made another long step upwards for the third week in a row, and now we see the combined moving average 7-day market sentiment measure, Sentscore, for the top 10 coins standing at 5.83, compared to last week's 5.47/10, according to Omenics, a cryptocurrency market sentiment analysis service.

Unlike last week however, not all coins are green, as Tether (USDT) is back in red. On the other hand, Bitcoin (BTC), while having by far the highest Sentscore of 7.2 (up from 6.8 a week ago), is no longer the only coin in the positive zone. It's joined by, not one, but three other tokens, making it four coins in the positive zone, which is a rare occurrence. It's far more common to see only one other coin alongside BTC with a score of 6 and up. The three coins are: Ethereum (ETH), EOS (EOS), and Cardano (ADA).

Speaking of Cardano, it and Stellar (XLM) have pushed out Tron (TRX) and Monero (XMR) from the top 10 list, taking their 10th and 9th positions, respectively.

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

Looking at the coins with the highest rise in their scores, we find EOS with 14.8%, Stellar with 12.8%, and Ethereum with 12.6%. EOS's strongest aspect this week is news with a high score of 8, followed by technicals at 7.3. It's social has got 4.6, fundamentals 4.2, and buzz 3.7. Similarly, Stellar has 7.9 in news and 6.1 in technicals, as well as 4.9 in socials, 3.9 in fundamentals and 3.8 in buzz. Lastly, Ethereum got a score of 6.7 in news and technicals each, 6.2 in fundamentals, 4.8 in social and 4 in buzz.

Tether is yet again the loosing coin, for the third week in a row. As a matter of fact, while it wasn't at the bottom four weeks ago, it had founded itself there for three weeks in a row before that as well. It's highest score is in news with 6.4, while it got 5 in buzz, followed by 4.9 in social, 4.1 in technicals, and 3,7 in fundamentals as its lowest score.

Meanwhile, this time around, BTC's 24-hour Sentscore is not higher than its 7-day one. It's now 6.7, with a change of -2.6%. Besides it, three coins are again in the positive zone, but instead of EOS, Cardano made that list. Half are in red and half in green today, which may be an indicator of a weaker performance until next Monday.

Daily Bitcoin Sentscore change in the past month:

Now observing the 7-day average scores of the 29 other coins tracked by Omenics, we see an interesting development. It's not often that we can report coins in the positive zone outside the top 10, and now we have tree of them: Monero (6), Dash (6.1), and Tron (6.2). Furthermore, 19 have scores 5 or above (compared to last week's 4), and there isn't a single coin in the negative zone.

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* - 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.

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