The crypto market sentiment took a turn to the worse this week, with most major coins seeing a lower sentiment score (sentscore) today compared to last Monday. The 7-day moving average of the sentscore for ten major cryptoassets stood at 4.85 today, down from 4.96 a week ago, according to the market sentiment analysis service Omenics.
Notably, no coin on our list this week managed to get above a score of 6, which is the threshold for what Omenics refers to as “somewhat positive.”
Ethereum (ETH), which is still the coin with the highest sentscore, dropped from a score of 6.1 last week to 5.9 today, entering the zone that Omenics calls “neutral” in terms of sentiment. Meanwhile, bitcoin (BTC) saw a drop from 5.9 last week to 5.8 today, also remaining in neutral territory.
Meanwhile, binance coin (BNB), litecoin (LTC), and the stablecoin USD coin (USDC) were the only coins that saw a higher sentscore this week compared to last week. All other coins either remained unchanged or saw their sentiment worsen this week.
Sentiment change among the 10 major 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
Meanwhile, looking at the 24-hour sentscore shows a slightly different picture, with ETH now staying in positive territory as the only coin from the top 10, with a score of 6.1. Further, this shorter time frame shows that bitcoin’s sentiment has fallen further into the neutral zone with a reading of 5.7. No coins had a sentscore of less than 3.9, which indicates negative sentiment.
The average of the 24-hour sentscore stood at 4.97 this week, unchanged from last Monday, but up from 4.74 two weeks ago.
Daily Bitcoin sentscore change in the past month:
Zooming out to cover the top 35 coins by market capitalization, which includes all of the coins rated by Omenics, reveals just how heavy sentiment has been for the past week. The picture here is roughly the same as for the top 10 coins, with no coins currently in the zone that Omenics deems positive in terms of sentiment.
Closest to a positive sentiment among all of the top 35 coins was again ETH, with its score of 5.9. From outside of the top 10, uniswap (UNI) and cosmos (ATOM) both came in with a 7-day sentscore of 5. Other than those, most other coins came in with a 7-day sentscore of between 4 and 4.8, which is in the neutral zone. The three smaller-capitalization altcoins nem (XEM), OMG, and QTUM were the only coins to have 7-day sentscores in negative territory, Omenics’ data showed.
* – 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.