Source: iStock / primeimages
The average 7-day sentiment value for the crypto market (Sentscore) for 10 main coins remains largely positive and has even increased from 6.33 last week to 6.43 today, according to Omenics, a platform for analyzing sentiment in the crypto market improved.
Bitcoin (BTC) continues to lead the sentiment charts as the only top 10 crypto asset in the very positive zone and currently scores 7.7 points. It is followed by Ethereum (ETH), whose sentiment has remained largely unchanged from last week, with a Sentscore of 7.1. The closest is Polkadot (DOT), which scored 6.8 points – a 3.5% weekly increase. The only top 10 coins in the neutral zone are Tether (USDT) and Binance Coin (BNB). The biggest weekly increase (7%) among the 10 coins was recorded in the sentiment of Litecoin (LTC) as it entered the somewhat positive zone from the neutral spot and scored 6.3 points this week.
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, 12:36 UTC
If you look at the window of the past 24 hours, there are no significant changes, although 7 out of 10 top coins in terms of sentiment are red. The largest change in 24 hours was seen in the Tether and Polkadot Sentscores, which fell 3.9% and 3.8% respectively, but are in their own sentiment zones. The three that saw their already positive mood spikes were BTC, Chainlink (LINK), and Stellar Lumens (XLM), all of which have boosted their mood by less than 3% in the past 24 hours.
The larger changes in market sentiment were registered in altcoins outside of the top 10 assets. Out of all the coins measured by Omenics, the Crypto.com coin (CRO), which is still in the neutral sentiment category and up 14% in value at 5.5 points, saw a 14% increase over the past week. It was followed by Zcash (ZEC), who entered the somewhat positive zone at 6.1 after up 10% in terms of market sentiment last week. The yearn.finance (YFI) project experienced the greatest loss of sentiment, losing 10% of its sentscore and falling back into the neutral zone.
Daily Bitcoin Sentscore change in the last month:
In terms of the positive market sentiment, Nano (NANO) with a Sentscore of 6.7, Algorand (ALGO) with 6.6 and Cosmos (ATOM) and Synthetix (SNX) with 6.5 are the best Altcoins alongside BTC, ETH and DOT . None of the altcoins measured by Omenics are in the negative sentiment zone.
* – 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 that you can also use to analyze the sentiment of content.” Omenics later 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 contains a general outlook for each coin. “They are currently evaluating 36 cryptocurrencies.