Crypto market sentiment improves, Bitcoin and Ethereum in the positive zone


Crypto market sentiment improves, Bitcoin and Ethereum in the positive zone 101
Source: Adobe / boscorelli

The combined 7-day average crypto market sentiment score for the top 10 coins by market cap remains in the neutral zone, although it has grown to 5.62 from 5.28 last week, the market sentiment analysis service shows cryptographic Omenics.

As bitcoin (BTC) holds above USD 16,300, it continues to lead the cryptocurrency market in terms of sentiment and its 7-day moving average continues to gain in the “very positive” zone at 7.6 out of 10. The same holds for ethereum (ETH), whose recent price action took its positive sentiment growth from 6.3 last week to 6.5 today. BTC and ETH are the only top 10 coins with positive market sentiment.

As for the other contenders, XRP, EOS, chainlink (LINK), binance coin (BNB) and cardano (ADA) had a good week as their sentiment grew in double digits, from 11% to 19%. As a result, everyone except BNB are approaching the positive sentiment zone if they can maintain momentum this week. The same goes for litecoin (LTC), whose sentiment didn’t have a great week but still rose 0.5% and is now in the neutral zone with 5.8.

The only coin with negative sentiment growth was tether (USDT), as it lost 2.8% of last week’s score and remains in the neutral zone at 5.2. Just like last week, BNB and EOS still share the lowest market sentiment of the top 10 coins by market cap and remain not far from the negative sentiment zone with the same score of 4.4, but at least EOS has managed to get back to the neutral sentiment.

Change of sentiment in the top 10 coins *:
Interpretation of the sentscore scale:
– 0 to 2.5: very negative
– from 2 to 3.9: somewhat negative area
– from 4 to 5.9: neutral zone
– from 6 to 7.49: rather positive area
– from 7.5 to 10: very positive

Crypto market sentiment improves, Bitcoin and Ethereum in the positive 102 zone
Source: Omenics, 12:23 PM UTC

Looking at the past 24 hours, the picture is a little darker. All the top 10 coins have lost some of their weekly score and are in the red. The only exceptions are the XRP and BNB coins, whose sentiment grew 0.4% and 2.2% respectively. As such, the 24-hour average sentscore for the most popular coins is neutral and stands at 5.3, down from 5.47 on Monday. Again, bitcoin and ethereum are the only cryptocurrencies in the positive zone, scoring 7.4 and 6.4, and there are no coins at a rather negative level, the 24-hour report shows.

Bitcoin Score Daily Change Over Last Month:

Crypto market sentiment improves, Bitcoin and Ethereum in the positive 103 zone
Source: Omenics

Outside of the top 10 coins measured by Omenics, NEM is the only cryptoasset with a rather positive 7-day moving average market sentiment of 6.1. By far the biggest growth in sentscore last week was experienced by tezos (XTZ), which improved its sentscore by 30% and returned to the neutral zone. As such, komodo (KMD) remains the only altcoin in the somewhat negative sentiment zone with a score of 3.9, the lowest of all the coins measured by Omenics.


* – Methodology:

Omenics measures market sentiment by calculating sentscore, which aggregates sentiment from news, social media, technical analysis, viral and fundamental trends of the coins based on 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 content sentiment can also be analyzed,” adding later, “Omenics combines the 2 news and social media sentiment indicators with 3 additional verticals for technical analysis, coin fundamentals and buzz, resulting in the sentscore reporting an overall outlook for each coin. “For now, they are evaluating 39 cryptocurrencies.

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