As Crypto Market Sentiment Sinks Lower, Polkadot Takes the Crown
Source: iStock/Koonsiri Boonnak
The volatility is holding the market in a firm grip, as the market sentiment drops further within the neutral zone. The combined moving 7-day average crypto market sentiment score (sentscore) for the 10 major coins slipped for the second week in a row, from 5.81 seen a week ago to 5.77 it got over the course of the past seven days, as seen in the data provided by crypto market sentiment analysis service Omenics.
Half of the top ten list is red, the other half green. Among the green ones, polkadot (DOT) takes the crown, having seen an increase to its sentscore of 6.2%. The second-placed chainlink (LINK) is up 4.5%. On the lower end, we find ethereum (ETH), stellar (XLM), and cardano (ADA), the scores of which have gone up 1.3%, 1%, and 0.9%, respectively.
The situation in the positive zone remains the same, in that four coins – bitcoin (BTC), ETH, DOT, and ADA – have scores above 6, while bitcoin’s is the only one among the four to have decreased in the past week.
And speaking of the reds, XRP takes the throne here, with a drop to its score of 6.8% – and this after it was the winner last week, both in the 7-day and the 24-hour categories. That said, BTC with its 6% drop is not far behind. While tether (USDT) and binance coin (BNB) fell more than 3%, litecoin (LTC)’s sentscore decreased the least, just over 1%.
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.
Source: Omenics, 12:23 PM UTC
Now focusing only on the last 24 hours, we see all-green fields. Each coin’s sentscore went up between 1% (BTC and LTC) and 8% (XLM). The four named above are still the only ones in the positive zone, while only two coins have scores below 5, these being XRP and BNB. Overall, the 24-hour average sentscore for the top 10 coins dropped to 5.79 compared to last Monday’s 5.93.
Daily Bitcoin sentscore change in the past month:
Going back to the 7-day time frame, but this time observing coins outside the top 10 list – 26 of them, tracked by Omenics – we see that most of them, or 17 to be precise, have seen an increase in their scores. While tezos (XTZ) is up 7%, others increased up to 4.8%. Furthermore, ten coins, compared to last week’s eight, are now in the positive zone, and only one, EOS, has a score below 5. As for the red coins, monero (XMR) dropped the most, 9.5%.
* – 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 36 cryptocurrencies.