Along with a drop in price, market sentiment score (sentscore) has moved away from the positive zone it had gotten very close to last week. According to crypto market sentiment analysis tool Omenics, the combined moving 7-day average sentscore for the top 10 coins dropped from 7.87 back to 5.48, thus moving towards 5.33 recorded two weeks ago.
Unlike last week’s overall green picture, we find all coins with varying red numbers this time around, and one coin – Tether (USDT) – dropped below the score of 5. Furthermore, compared to four, only two remain in the positive zone this week, each with a lower sentscore: Bitcoin (BTC) dropped from 7 to 6.5, and Ethereum (ETH) from 6.6 to 6.4. The remaining seven coins in the top 10 category all have sentscores between 5 and 5.6.
Now taking a quick look at their scores in the last day, we find the 24-hour average sentscore for these 10 coins at just 4.86 – a far cry from last Monday’s 5.95. That’s not all: seven coins have dropped below 5, only two are in the 5-5.9 range (BTC and Cardano (ADA)), while Ethereum remains the only coin in the positive zone with a score of 6.1.
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
Three coins whose respective scores dropped the least – less than 3% – are ETH, Tezos (XTZ), and USDT. Ethereum got high, positive scores in news (7.1) and technicals (6.9), followed by fundamentals and social, each of which got the score of 5.7. Its lowest score is 4.5 in buzz. Tezos also has a positive score of 7.3 in news, while its social and technicals are scored with 5.5 and 5.3, respectively. Its lowest scores are in buzz (4.6) and fundamentals (3). Meanwhile, Tether has 6.9 in news and 5.6 in buzz, and the rest of its scores are lower: 4.5 in social, 4.4 in technicals, and 3.6 in fundamentals.
Daily Bitcoin Sentscore change in the past month:
The coins that dropped the most are XRP and ADA. In the last seven days, XRP’s strongest aspects have been news with the score of 6 and social with 5.9. Its fundamentals also got a neutral score of 4.4, but technicals and buzz both have negative scores and are XRP’s weakest points this time around, with 3.9 and 3.2, respectively. Lastly, Cardano boasts three positive scores – 6.7 in technicals, 6.6 in buzz, and 6.1 in news, as well as two neutral scores – 4.8 in social and 4.5 in fundamentals. It has no negative scores.
Meanwhile, the remaining 29 coins rated by Omenics are also having a red week, though seven have managed to see an increase in their respective scores. No coin is in the negative zone, the vast majority is in the 5-5.9 range, and two are green – compared to last week’s eight – these being: VeChain (VET) with 6.6 and Nano (NANO) with 6.4.
* – 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.