Along with the drop in prices this past week, came a drop in the market sentiment as well. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins fell out of the positive zone after three weeks, recording 5.77 today, compared to last week's 6.25, according to the data provided by crypto market sentiment analysis site Omenics.
All but one coin are in the red today - only tether (USDT)'s sentscore went up over the past week, and by just 1.5% - but this makes it a winner by default, after plunging last time. USDT has the smallest score among its peers and is the only coin with a score in the 4-5 range.
As for the coins whose scores have dropped, chalinlink (LINK) leads the list, having decreased 12.6%. Not far behind it are litecoin (LTC), ethereum (ETH), stellar (XLM), and XRP - all of whom fell between 10.3% and 10.7%. Meanwhile, binance coin (BNB) and bitcoin (BTC) saw their sentscores drop by 7.7% and 7%, respectively.
The least to drop are cardano (ADA) and polkadot (DOT), with decreases to their sentscores of 5.4% and 5.3%, respectively.
That said, while five coins sit in the 5.4-5.6 range, four are still in the positive zone, these being: BTC, ETH, DOT, and ADA. Bitcoin is still holding a score above 7, but nearing the verge - now being at 7.1 compared to a week ago's 7.7.
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 zone.
Turning now to the 24-hour market sentiment, the overall sentscore for the top 10 coins is just 5.38, potentially foreshadowing a larger weekly drop for next Monday. Only BTC and DOT are in the positive zone, with scores of 6.6 and 6.2. While USDT is the only one to go up, reaching a score of 5, the rest of the list dropped, and three coins went below 5 in the past day: LINK, LTC, and XRP. Bitcoin fell the most among the ten - 6.7%, and LINK the least - 0.6%. Meanwhile, XLM and BNB also have scores of 5, while ETH and ADA dropped to 5.7.
Daily Bitcoin sentscore change in the past month:
Going back to the weekly situation, but now looking at the coins outside the top 10 list, we see only two out of the 26 on the list rated by Omenics with scores that went up in the past seven days: USD coin (USDC) and uniswap (UNI). The latter is also one of four coins in the positive zone, along with NANO, REN, and cosmos (ATOM). Though nearly all coins saw drops between 1.9% (crypto.com coin (CRO)) and 13.3% (EOS), there are no coins with a sentscore below 5.1.
* - 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 36 cryptocurrencies.