After witnessing a rise in the crypto market sentiment measure, SentScore from 5.36 to 5.66 a week earlier, we find it at 5.03 this Monday, landing in the middle of the neutral zone, according to Omenics , a crypto market sentiment analysis service.
Once again, there are no coins in the negative zone, while two are in the positive zone. One is certainly Bitcoin with a sentscore of 6.1/10. This week, we have another change in the lineup when it comes to the second coin in the positive zone. Let’s recap. First it was Ethereum (then with a score of 6.3, now 5), followed by EOS (then 6, now 4.1), and last week it was Litecoin (then 6.3, now 5.9). Now, Binance Coin is in the positive zone with the score of 6.5.
Bitcoin is still ranked number 1 among the top 10 cryptocurrencies by market capitalization. Its score dropped from 7.1 though, bringing it close to the neutral zone. Tether is finally up from its lowest score on the list, rising from 4.2 to 4.9. Its place is now taken by EOS and Cardano, both scoring 4.1. And while Tether was the only one in 4-4.9 range last week, five coins are sitting there now.
Sentiment change among the top 10 coins*:
Interpreting the SentScore’s scale:
– 0 to 2.5: very negative
– 2 to 4: somewhat negative zone
– 4 to 6: Neutral zone
– 6 to 7.5: somewhat positive zone
– 7.5 to 10: very positive
Source: Omenics, 11:33 UTC
While all but three were winners last week, this week all but three are losers. The definite winner is Tether, rising by 10.7%, comparing to Binance Coin’s 1% and Stellar’s 0.5%. Tether’s strongest aspect is news with a score of 6.6. It’s social and technical are quite neutral, standing at 5 and 4.1 respectively. Its buzz and fundamental are quite low though, scoring 3.8 and 3.1 respectively.
On the other hand, quite a few coins saw a major drop. At the top in this category is EOS with -22.3%, followed by Bitcoin Cash that was the undisputed winner last week, now dropping by 17.6%. Honorable mentions here go to another last week’s winner XRP (-12.2%) and Bitcoin (-11%). EOS strongest side was news at 5.8, followed closely by buzz 5.6. Its weakest aspect is technical at 3.5. On the other hand, while Bitcoin Cash is very strong at news, scoring 7/10, it received only 2.5 in fundamental.
Meanwhile, Cardano is back to the 10th spot, after TRON managed to push it out last week. Tron’s score dropped by 9.2%, from 5.8 to 4.6/10.
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Out of the 30 coins that are currently tracked by Omenics, Lisk (3.5/10) is no longer alone in the somewhat negative zone, having been joined by OmiseGo (3.7), Qtum (3.8), Dogecoin (3.9), and Dash (3.6).
* – 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 30 cryptocurrencies.