Crypto Market Sentiment Jumps Up With Double-Digit Increases

The crypto market sentiment is continuing to improve – following last week’s increase, this week’s jump, and the general price rise in the crypto market – and is once again nearing the positive zone. The average 7-day moving crypto market sentiment score (sentscore) for ten major cryptoassets is now 5.87, compared with 5.17 seen this time last week. Furthermore, there are now four coins in the positive zone, according to the data provided by the market sentiment analysis service Omenics.

All but one coin among the first 10 on the list are up over the past week. Only USD coin (USDC) – one of last week’s winners – has dropped, and by almost 8%. This decrease resulted in its remaining as the only coin among its peers below the score of 5.

Meanwhile, the increases are strong – it has been a long time since we’ve seen percentages this high. The highest increase is binance coin (BNB)’s 47%, making it the week’s winner by far. The second-placed XRP is up nearly 25%, followed by litecoin (LTC), bitcoin (BTC), and polkadot (DOT), which are up 23%, 22%, and 20%, respectively. 

While ethereum (ETH), uniswap (UNI), and tether (USDT) are up more than 11%.

Its increase has led BTC back into the 7-8 territory, now having a score of 7.4, up from 6.2 seen last week. ETH is also in the positive zone, going up from 6 to 6.9. The two are joined by DOT’s 6.5 and UNI’s 6.1. Besides USDC, the other coins all sit within the 5.2 and 5.8 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.

Over the past 24 hours, the crypto market sentiment for these top 10 coins came to sit at 5.86 – so, practically the same as the weekly one – compared to last Monday’s 5.9. Today, half of the list is green, the other half is red. The greens range from USDC’s 6.2% to BTC’s 0.4%, also including ETH, LTC, and USDT. The highest drop is seen by UNI, having fallen 5%, while the lowest is BNB’s 1.5%, with DOT, XRP, and BNB in between. Despite the drops, five coins are also in the positive zone currently: BTC, ETH, DOT, UNI, and LTC. While USDT remains below 5 despite the increase in its sentscore, other coins have scores between 5.1 and 5.8.

Daily Bitcoin sentscore change in the past month:

Omenics tracks 35 coins in total. So looking at the performance of the other 25 over the past seven days, we find that a large majority is green. To be more precise, the scores of only two coins have dropped: compound (COMP) with 20% and REN with 2%. As for the increases, the highest one belongs to QTUM with 33%, followed by monero (XMR) with 31%, while the lowest is 2.5% seen by synthetix (SNX) and cosmos (ATOM). Two of these coins are in the positive zone, namely algorand (ALGO) and crypto.com coin (CRO), while COMP’s massive drop led it into the negative zone, where it is the only resident. While five coins have scores below 5, the rest sit in the 5-5.9 territory.

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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.