Crypto Market Sentiment Keeps Rising

  • 09 August 2021, Monday, 14:00
Crypto Market Sentiment Keeps Rising
Source: iStock/da-kuk

Crypto market sentiment has now increased for the third week in row - making strides back towards the positive zone. The average 7-day moving crypto market sentiment score (sentscore) for ten major coins was 5.71 last week, now standing at 5.85, according to the market sentiment analysis service Omenics. Additionally, nearly half this list is already in the positive zone.

Seven out of these ten coins' sentscores have gone up over the past seven days. The leader here, and hence the week's winner, is uniswap (UNI), which went up 11%. The relatively distant second place is taken by usd coin (USDC)'s 7%, followed by cardano (ADA)'s almost 7%. While binance coin (BNB)'s score is up 5%, chainlink (LINK) and polkadot (DOT) are up more than 3%. XRP's score increased the least, 2%.

On the other side are the three red coins, and these are the largest three coins per market capitalization: bitcoin (BTC), ethereum (ETH), and tether (USDT) - from the least to drop to the most (0.3%-3%), in this order.

That said, four of the above-named coins are now in the positive zone: bitcoin is unchanged from last week's 7, ethereum went down from 6.7 to 6.6, and these two are joined by uniswap's 6.1 and chainlink's 6. Cardano and polkadot are both on the verge of the positive zone as well. In total, five coins have scores between 5.2 and 5.9, while USDC remains below 5, though climbing close to it this time around.

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.

Meanwhile, the 24-hour sentscore for these top ten coins has entered the positive zone, currently standing at 6.03, compared to last Monday's 5.94. Six coins' scores are up at the moment, though with relatively smaller percentages. The highest among these is USDT's 6%, and the lowest BTC's 1%. As for the drops, they're small as well, ranging between BNB's almost 1% and UNI's almost 2%. Notably, six coins are in the positive zone: BTC, ETH, UNI, USDT, DOT, and BNB, in that order, from the highest to the lowest score in this category (7.2-6). While XRP, ADA, and LINK stand in the 5.5-5.9 zone, USDC is still below 5, at 4.6.

Daily Bitcoin sentscore change in the past month:

When we take a look at the 25 coins outside the top 10 list, which are also rated by Omenics, we see nearly all of them going up over the past week. Only two are down: litecoin (LTC) with 0.1% and monero (XMR) with 6%. As for the green coins, the highest rise in score has been recorded by OMG (13%), closely followed by compound (COMP) (12.5%). The smallest increase in sentscore is nem (XEM)'s 0.5%. Compared to the last week's one, there are now three coins in the positive zone - AAVE has been joined by coin (CRO) and cosmos (ATOM). And while the majority of the coins on this list reside within the 5.1-5.9 territory, five are just below the score of 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 35 cryptoassets.