Crypto Market Sentiment Jumps, Led by Bitcoin and Binance Coin

  • 02 August 2021, Monday, 14:00
Crypto Market Sentiment Jumps, Led by Bitcoin and Binance Coin
Source: iStock/honglouwawa

Following the last week's shift upwards, market sentiment has continued rising. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins is 5.71, showing a rise from 4.88 recorded a week ago, according to the data provided by the market sentiment analysis service Omenics. Furthermore, this brings the overall sentscore close to the positive zone yet again, with two out of the top 10 coins already there.

The market sentiment has made a notable recovery over the past week, with two of its most popular coins now in the positive zone: bitcoin (BTC) leading the list with the score of 7, and ethereum (ETH) standing close with 6.7. And that's not all: only USD coin (USDC) has a score below 5, while the remaining seven all have scores within the 5.1-5.9 range - which is, again, a significant change compared to last week.

All on this list - except for USDC, which dropped 3% - have seen an increase in their respective scores in the past week, and nearly all have had double-digit increases. The highest of these is binance coin (BNB)'s 27%, while XRP follows closely with 26%. Also seeing rises just above 20% are BTC and ETH.

In the next category are those with increases to their sentscores over 10%, these being cardano (ADA), polkadot (DOT), chainlink (LINK), and uniswap (UNI). The only one with an increase below 10% is tether (USDT) with almost 4%.

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.

Zooming into the past 24 hours alone, we find an even better situation, with five coins in the positive zone. Besides BTC and ETH, we now see LINK, ADA, and UNI there too. USDC is still the only coin below the score of 5, but it too is now very close, standing at 4.9. That said, three coins' scores have dropped today, lead by BTC's -2.2%. The other two are USDT (-2%) and ETH (-0.7%). The highest increase on the list is ADA's 6%, and the smallest XRP's 0.5%. The overall 24h sentscore for the top 10 coins is currently 5.94, just below the positive zone, compared to the last Monday's 5.39.

Daily Bitcoin sentscore change in the past month:

There's more good news coming from the rest of the list tracked by Omenics - the 25 coins besides the top 10 list. All of these have turned green over the past seven days. The highest increase is 32% by litecoin (LTC) which was on the top 10 list for several weeks, now sitting in the 11th place. Notably, 19 more coins saw double-digit increases to their scores, while the smallest of the remaining five - hence of the entire list - is compound (COMP)'s 1%. Furthermore, there are no more coins in the negative zone, there is one in the positive zone again (AAVE), and five coins have scores below 5, meaning that the majority sits in the 5-5.9 range.


* - 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.