Crypto Market Sentiment Remains Positive, Tether Drops

Crypto Market Sentiment Remains Positive, Tether Drops
(Source: Adobe/boscorelli)

This week, the average 7-day moving crypto market sentiment score (sentscore) for ten major coins remains positive at 6.25 out of 10, but it is slightly lower compared to the previous week’s 6.43, according to crypto market sentiment analysis site Omenics data.

The top cryptocurrency - bitcoin (BTC), remains the only coin with a very positive market sentiment score of 7.7. It is followed by ethereum (ETH), which remains positive with a score of 7. Tether’s (USDT) market sentiment plunged by over 15% - from 5.4 to 4.5, as it is the only large-cap coin nearing a somewhat negative sentiment zone. All other top 10 coins score a somewhat positive score above 6, except for binance coin (BNB), which remains in a neutral zone despite having an amazing week in terms of price appreciation.

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.

Speaking of daily sentiment movements amongst the 10 large-cap assets, the biggest improvement has been made by USDT, which has increased to 4.7 - a 7.4% net improvement. In the past 24 hours, BTC market sentiment went up to 7.9 but has decreased slightly ever since.

Outside of the 10 coins, the biggest weekly sentiment increase was experienced by yearn.finance (YFI) and Crypto.com Coin (CRO), both of which climbed more than 10% and reached 6.1 out of 10. When it comes to sentiment decline, no coin outpaced Tether’s 15% drop, as its nearest contender was Aave (AAVE) with an 8.3% 7-day moving average drop that brought it back to the neutral zone. Sentiment-wise, the top altcoins remain Nano (NANO) with 6.8, Algorand (ALGO) with 6.5, Cosmos (ATOM) with 6.5, and Uniswap (UNI) with a sentscore of 6.4. None of the 36 crypto assets measured by Omenics are in the negative sentiment zone.

* - 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.

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