Source: iStock / Honglouwawa
While the two-week indecision was followed by a decline, market sentiment rose back into positive territory over the past week. The average 7-day sentiment value for the crypto market (Sentscore) for ten major coins rose relatively sharply from 5.69 a week ago to 6.03 today – just above the line that marks the positive zone – as from the data from emerges website for analyzing sentiment in the Omenics crypto market.
Improvements compared to the previous week can be observed across the board. For one, only two coins are now red, which is exactly the opposite of what happened last week. Those two coins are Uniswap (UNI) and Tether (USDT), which are down 5.3% and 2.2%, respectively.
Although this was a relatively small drop, the latter still pushed the leash back below the score of 5 and was again the only coin in the 4-4.9 point zone. This comes after it finally hit grade 5 last week and was one of only two green coins at the time.
The other was XRP, but this one stayed green this week as well, though its score increase is the lowest of the eight: 1%. The honor of making the biggest surge this time goes to Litecoin (LTC), after seeing the biggest decline among its competitors last week. LTC rose 14.6%, regaining what it lost and gaining something. This is followed by 11.6% of the Binance coins (BNB) and 9.3% of the chain links (LINK).
While both ran the risk of losing a lower note, Bitcoin (BTC) and Ethereum (ETH) are now up 8.6% each and are getting their values back from high 7 and high 6, respectively. Polkadot (DOT) and Cardano (ADA) are close, rising to 8.3% and 7.7%, respectively.
Half of the list – five coins – is now in the positive zone, up from just two last week, namely BTC, ETH, DOT, ADA and BNB. In addition to USDT, other four coins with values between 5.5 and 5.7 are also a bit near this range.
Change of mood among the top 10 coins *:
Interpretation of the Sentscore 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.
Source: Omenics, 11:51 UTC
The 24-hour Sentscore has also increased compared to last Monday. It jumped from 5.66 to 6.25. However, only four coins are green today, with UNI rising the most (1.8%) and DOT the least (0.3%) increasing. On the other hand, the largest and smallest declines have been recorded, which are on the one hand 5.5% for ADA and on the other hand 0.1% for ETH and LTC. There are now six coins in the positive zone: BTC, ETH, DOT, UNI, ADA and LINK. Bitcoin is close to the score of 8, ETH is at 7, while DOT is just below 7. USDT is still the only one just under 5. The remaining three coins – BNB, LTC and XRP – have values between 5.6 and 5.9.
Daily Bitcoin Sentscore change in the last month:
Over the past week, the situation has also changed significantly for the 25 coins outside the top 10 list, which are also rated by Omenics. Of these, the values of only six have decreased, with the highest decrease being 4.2% of the ontology (ONT). Meanwhile, AAVE saw the highest increase in its score at 17.3%, followed by 13.3% for stellar (XLM). While the star is on the edge of the positive zone, AAVE is already in place, along with Tron (TRX), EOS, Monero (XMR), and Algorand (ALGO). While NEM (XEM) like USDT has a score of 4.9, all remaining coins are between 5.3 and 5.9.
Last month, only 7 of the 35 coins were green and none were in the top 10.
* – methodology:
Omenics measures market sentiment by calculating the Sentscore, which aggregates sentiment from news, social media, technical analysis, viral trends and coin fundamentals based on their proprietary algorithms.
The website says: “Omenics combines trending news articles and viral social media posts into an all-in-one data platform where you can also analyze the sentiment of content. Omenics later adds the two sentiment indicators from news and social Media added. ” with 3 additional verticals for technical analysis, coin fundamentals, and buzz, resulting in the Sentscore which contains a general outlook for each coin. “They are currently evaluating 35 cryptocurrencies.