Crypto Market Sentiment Takes Another Step Up

Source: iStock / honglouwawa

Sentiment on the crypto market has taken a relatively big step up again in the past week. The combined moving average 7-day market sentiment measure, sentiment, for the top 10 coins continued to rise from seven days ago, rising from 5.37 at the time to 5.88 today – thus just 0.12 away from the positive zone, as it turns out out of service for analyzing sentiments on the crypto market Omenics.

The market’s good weekly fortune continues as all coins – including last week’s lone red wolf Tether (USDT) – are green today. In addition, after accessing two coins to the positive zone, the market now has three coins with or above the score of 6: Bitcoin (BTC), whose sentiment has risen from 6.2 to 7/10 in a week, and Ethereum (ETH), whose score rose from 6.1 to 6.5, is joined by last week’s winner, Stellar (XLM), who also had a score increase from 5.7 to 6. The rest of the coins have scores above 5 and only one compared to Last week’s three, Tether have a score below 5, but he’s also on the verge.

If we look at the daily scores now, instead of the past seven days, we see mixed results. While four coins see their scent score increase, six have fallen. Nevertheless, like last Monday, five out of ten coins are in the positive zone. Also, the combined sent score for these 10 coins in the past 24 hours is 5.95, compared to 5.86 last Monday.

Sentiment change between the top 10 coins of the past week *:
To interpret the scale score:
– 0 to 2.5: very negative
– 2 to 3.9: slightly negative zone
– 4 to 5.9: neutral zone
– 6 to 7.49: slightly positive zone
– 7.5 to 10: very positive

Crypto Market Sentiment goes one step further 102
Source: Omenics, 12:36 PM UTC

Coming back to the weekly views looking for winners and losers, we find Bitcoin (BCH) at the absolute top, with the sent score increasing by nearly 28%. The second-placed XRP’s score has risen by 15.5% and is closely followed by Bitcoin’s 15%. We can also note that Litecoin (LTC) and EOS are not far behind, and also boast double-digit jumps.

BCH’s highest scores this week are 7.4 in news and 6.1 in technical, as well as 5.7 in social. The lowest, however, are 3.7 in buzz and 2.6 in fundamentals. Likewise, XRP scores high in news, engineering, and social (6.8, 6.7, and 5.6, respectively) while getting lower scores in fundamentals and buzz, although only the latter is negative (4.5 and 3, respectively). 7). Finally, Bitcoin is an often-discussed currency, but one that rarely makes the winner or loser list with its rising / falling percentage. This time, we get to check under the ‘hood’ as well, discovering it has three pretty high scores: 8.8 in the basics, 7.3 in the news and 7.1 in the tech world. It also has a neutral social score of 5.1 in social terms, as well as a negative score of 3.6 in buzz.

Daily Bitcoin Score in the past month:

Crypto Market Sentiment goes one step further 103
Source: Omenics

On the other hand, we don’t find any losers in themselves, so we’ll look at those whose scores have gone up least, between 1% and 2%, which are Tether and Tezos (XTZ). Like last week, Tether’s strongest aspect this week is news (7.6), followed by buzz (5.4), technical (4.5) and social (4.1), while the weakest aspect is fundamentals (3.6). Meanwhile, Tezos has two positive scores, 7.6 and 7.1, respectively, in technical and news. It also has two neutral scores – 5.4 in buzz and 5.2 in social and a negative score of 2.9 in fundamentals.

Finally, let’s take a look at the weekly scores of the 29 coins that are outside the top 10 and also maintained by Omenics. Unlike last week’s ten coins whose scores have dropped, there are now only three. In addition, two are in the positive zone – Cardano (ADA) with 6.1 and Nano (NANO) with 6.4, the latter of which is higher than last week’s 6. Twenty-two, compared to last week’s ten, score higher than 5, four have scores above 4, and only one – Komodo (KMD) – remains in the negative zone.


* – Methodology:

Omenics measures market sentiment by calculating the sentiment score, which gathers the sentiment of news, social media, technical analysis, viral trends and coin fundamentals based on their own algorithms.
As their website explains, “Omenics merges trending news articles and viral social media posts into an all-in-one data platform, where you can also analyze content sentiment,” he later added, “Omenics combines the two sentiment indicators. from news and social media with 3 additional branches for technical analysis, coin fundamentals and buzz, resulting in the score score reporting an overall outlook for each coin. “For the moment, they are reviewing 39 cryptocurrencies.