Sentiment in the crypto market within reach of the positive zone

Source: iStock / Easyturn

The mood in the crypto market has risen for the fourth week in a row and reached a point just below the positive zone. The average 7-day moving crypto market sentiment score (Sentscore) for ten large coins is 5.94 today, compared to 5.85 last week, according to market sentiment analyst Omenics. Over half of that list – six coins to be precise – are in positive territory, but the total score seems to be dragged down by one coin with a massive drop.

Seven out of ten coins have risen in the past week. XRP recorded the highest increase in its send score at 10.9%. Next up is Tether (USDT) with 7.6%, while Bitcoin (BTC) follows with almost 6%. Other green coins are Chainlink (LINK), Cardano (ADA), Polkadot (DOT) and Ethereum (ETH), whose Sentscores have increased between 1.7% and 4.3%.

Among the three that have fallen over the past week, USD-Coin (USDC) leads with a decline of over 15%. Binance Coin (BNB) and Uniswap (UNI) fell 2.5% and 1.2%, respectively.

It is noteworthy that this massive drop in the USDC’s sensor brought it back from the neutral threshold of 5 to the value of 4.2, which had an impact on the overall sentcore for the top 10 coins. It is the only top 10 coin still below the score of 5, while the remaining three (excluding those in the positive zone) are in the 5.5-5.7 range.

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.

Crypto market sentiment within reach of the positive zone 102Source: Omenik, 10:50 UTC

Meanwhile, the 24-hour send score for these top ten coins has left the positive territory it entered last week and is currently just below 5.99, compared to 6.03 last Monday. The senscores of four coins have decreased: ETH, LINK, ADA and XRP. Meanwhile, USDC has risen slightly (0.6%), but is currently in negative territory at 3.8. BNB has the highest increase at 5.1%, followed by BTC at 4.1%, while the lowest at just 0.1% is owned by DOT, which means it remains unchanged. Five coins are in the positive range (BTC, ETH, LINK, DOT, and ADA) and four are in the 5.6-5.9 range.

Daily bitcoin send score change in the last month:

Sentiment in the crypto market within reach of the positive zone 103Source: Omenics

If you look at the weekly performance of the 25 coins next to the top 10 list, we only find four red coins. The highest among these is NEOs 10.5% and the lowest Maker (MKR) 0.6%. As for the many increases in the Sentscore, the highest is QTUM with 12.2% and the lowest star (XLM) with 1.3%. Ten coins are positive and three have values ​​below 5 but none are negative. The rest is in the range 5-5.9.

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* – 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 are currently evaluating 35 cryptoassets.

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