For the second week straight, we are seeing an increase in market sentiment. According to data from Omenics, the average 7-day moving cryptocurrency market sentiment score (sentscore), for ten major coins increased from 4.87 a week back to 5.03 this week.
We have a new coin in the positive zone this time but it is not bitcoins (BTC). It’s Ethereum (ETH) which seems to be consolidating its position at the top of this list with each passing week.
Overall, it has been a very green week with some significant increases. uniswap leads the pack, leading with a 10% double-digit increase. Binance Coin (BNB) is the second highest riser, at 7%. ETH has risen 5% while cardano (ADA), litecoin(LTC) and polkadot (DOT) rose 4.5% and 4% respectively. Bitcoin’s 0.4% rise is the lowest.
The drops are on the opposite side: the usd coin (USDC), which is almost 2%, and the minor one by Tether (USDT), which is 0.2%.
Five coins have scored above 5 and none of them are in the negative zone. XRP’s 4.2 is the lowest sentscore. The battle for the highest sentcore has been quietly raging over several weeks. Bitcoin, long-time champion is now in second place according to the weekly sentscore – just behind ETH. This is also the case. Ethereum’s growth led to a positive score 6 and bitcoin’s was sufficient to lift it from last week’s low of 5.6 to this week’s high of 5.7.
Sentiment changes among the top 10 coins*
Interpreting sentscore’s scale:
0 to 2.5: Very Negative
– 2 to 3: A somewhat negative zone
– 4 to 5,9: neutral zone
– 6 to 7.49: A somewhat positive zone
– 7.5-10: Very positive zone.
In the last 24 hours, we have seen only two red coins, this time BNB and XRP, which are both down about 1%. The highest increase is for ethereum (6%). Other coins in the top 10 have risen between 0.3% and almost 4% (USDT and ADA) Bitcoin is up by 2%. The average sentscore of these ten coins is 4.72 compared to the 5.2 last Monday. Bitcoin’s score of 5.7 is the highest at the moment, compared to 5.2 recorded last Monday. ETH and UNI share second place with 5.5. Nearly all other coins are between 4.2 (LTC) and USDT (4.7 (ADA), and have scores below 5. XRP is the only coin that falls below 5 and is in the negative zone.
Omenics rates 35 total coins. The 25 other coins, aside from the ten mentioned above, are showing a near all-green picture. Only Zcash (ZEC), has fallen in the last week. It is only down by 1%. It was also one among the three coins that fell last week. However, many coins have seen double-digit gains. The overall winner was WAVES, another of last week’s three red coins, which saw a 28% increase in its sentscore. The third red coin, monero was green with a more than 8% increase. The positive zone has no coins. Ten of them have scores between 5-5.9 and two are in negative zone (down from last week’s four) – QTUM and ontology (ONT). Others are in the 4-4.9 range.
Methodology:
Omenics measures market sentiment by calculating a sentscore. This aggregates sentiment from news and social media. It is based on their proprietary algorithms.
Their website explains that “Omenics aggregates viral news articles and trending news articles into an all-in-1 data platform where you can also analyze sentiment.” Later, they added, “Omenics combines 2 sentiment indicators from news with 3 additional verticals to perform technical analysis, coin fundamentals and buzz. This results in the sentscore, which provides a general outlook on each coin.” They are currently rating 35 cryptoassets
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