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Crypto Market Sentiment Changes Direction As Bitcoin Improves

Cryptocurrency
26.07.2021
56
Crypto Market Sentiment Changes Direction As Bitcoin Improves
Source: iStock/primeimages

After the market sentiment saw a notable drop a week ago, it’s now starting to move in the opposite direction. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins is up to 4.88, compared to 4.7 recorded a week ago, according to the data provided by the market sentiment analysis service Omenics. And even though no coin managed to get back into the positive zone, one got pretty close this week: bitcoin (BTC).

Compared to the entirely red picture a week ago, over the past seven days, only one coin finished the week in red: USD coin (USDC) fell 2.5%.

All others have seen a rise in the respective scores, with tether (USDT) leading the list by far. Its sentscore increased 14%, while the second-placed polkadot (DOT) went up 5%.

Two other coins that are quite close to DOT’s rise are bitcoin and ethereum (ETH), which both increased around 5%. While binance coin (BNB), XRP, and uniswap (UNI) increased over 1%, litecoin (LTC) and cardano (ADA) are up less than 1%.

Notably, three coins – compared to last week’s two – have scores above 5, with bitcoin’s 5.9 leading the list. This week’s rises have also pulled coins that had been close to the negative zone higher within the 4-4.9 range.

Sentiment change among the top 10 coins*:Interpreting the sentscore’s 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 Changes Direction As Bitcoin Improves
Source: Omenics, 11:45 UTC

In the past 24 hours alone, the picture looks even greener. Compared to the last Monday’s total 24h sentscore for the top 10 coins of 4.65, today we find it at 5.39. Not only that, but three coins are in the positive zone now – the same three above-mentioned coins with 7-day scores above 5: bitcoin leads with 6.8, ethereum follows with 6.4, and tether stands at 6. Three more have scores of 5 and above – ADA, UNI, and DOT, while the rest sit in the 4.5-4.9 range. Only USDC with -6% and UNI with -1% are down, while the scores of the rest increased up to 7% (DOT).

Daily Bitcoin sentscore change in the past month:

Crypto Market Sentiment Changes Direction As Bitcoin Improves
Source: Omenics

Lastly, when it comes to the remaining 25 coins beyond the top 10 list, the majority – even if a small one – has seen a drop in their sentscores. Twelve have gone up, and thirteen are down in the past week. Chainlink (LINK) recorded the highest increase in its sentscore, of 15%. It’s followed by NEO’s 13%, while WAVES, QTUM, and zcash (ZEC) all went up 11%-12%. The others have single-digit increases, the smallest of which is tron (TRX)’s 2%. As for the drops, the largest one is 13% by synthetix network token (SNX), and the smallest one is 2% by tezos (XTZ). There are no coins in the positive zone this week either, while six (one less than a week ago) have scores above 5. Also, the highest score on this list is relatively low – at least lower than what we’ve seen over the previous weeks: it’s 5.3 by compound (COMP). But when it comes to the negative zone, it has only one resident left (also one less than last week), OMG with 3.9.

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* – Methodology:

Omenics measures the market sentiment by calculating the sentscore, which aggregates the sentiment from news, social media, technical analysis, viral trends, and coin fundamentals-based upon 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 you can also analyze content sentiment,” later adding, “Omenics combines the 2 sentiment indicators from news and social media with 3 additional verticals for technical analysis, coin fundamentals, and buzz, resulting in the sentscore which reports a general outlook for each coin.” For now, they are rating 35 cryptoassets.

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