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After a series of, if brief, spikes, sentiment in the crypto market saw a decline over the past week, but it wasn’t big enough to push it out of the positive zone. The average 7-day moving crypto market sentiment score (Sentscore) for ten large coins fell to 6.21 compared to 6.39 the previous week, according to data from crypto market sentiment analysis site Omenics.
The change is reflected in the fact that most of the list is now red compared to just a single coin in the past two weeks. The three green coins saw relatively small increases in their respective sent scores, which nonetheless put them on the winners list. This list is led by Tether (USDT) with almost 3%, followed by Polkadot (DOT) with 0.6%.
Among the red coins, Bitcoin (BTC) tops the list with an 8% decline. Litecoin (LTC) follows with just under 6%, XRP follows with 5% and then Ethereum (ETH) follows with 4%.
EOS, Cardano (ADA) and Uniswap (UNI) fell between 2% and 3%.
Like last week, seven coins are still in positive territory, albeit with lower send scores. While BTC had regained its long-standing No. 1 position from ETH last week, it lost it by a small margin in the last seven days. ETH is back at the top with the highest sent score on this list of 6.9, while BTC now has 6.8. Both had more than 7 points a week ago.
Other positive sent scores are between 6 and 6.5, while the three coins in the neutral zone – XRP, Binance Coin (BNB) and LTC – all have values between 5.5 and 5.9.
Change of mood among the top 10 coins *:
Interpretation of the senscore 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.
EOS is down about 10% in a week. Source: Omenik, 11:44 UTC.
The sentcores recorded in the last 24 hours paint a bleak picture. The total 24-hour sentcore for the top 10 coins dropped to 5.7 from 6.43 last Monday. In addition, compared to all 10 last Monday, only 4 are in positive territory – and Bitcoin is not one of them for the first time in a long time. While it’s the only coin whose score has increased (by 2%) today, BTC’s Sentscore is still 5.8, the highest among the ‘5’ so to speak, but lower than UNIs 6, EOS’s 6.1, ETH’s 6.2, as well as that of the coin that “knocked over” both BTC and ETH – DOTs 6.4. The day’s biggest drop is that of Litecoin (8%), which also has the lowest score on the list (5). The smallest drop is XRPs (0.2%).
Daily bitcoin send score change in the last month:
When it comes to the coins outside the top 10, only five of the 21 coins tracked saw their Sentscores increase in the past week, even by relatively small percentages, with the highest value of Compound (COMP) being 4%. On the flip side, the biggest drop is at the 11% of 0x (ZRX), which pushed the coin’s score just below the 5 grade as it is the only coin in the 4-4.9 range. And while most coins’ scores fall in the 5 to 5.9 range, a notable number of them have send scores of 6 and more. The highest among these is AAVEs 6.6.
* – 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.
As their website explains, “Omenics aggregates trending news articles and viral social media posts into an all-in-one data platform that you can also use to analyze content sentiment,” and later adds, “Omenics combines the two sentiment indicators from news and social media with 3 additional verticals for technical analysis, coin fundamentals and buzz, resulting in the Sentscore, which shows a general outlook for each coin. “They currently rate 31 cryptocurrencies.