Crypto Market Sentiment Keeps Rising

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Source: iStock / da-kuk

Sentiment in the crypto market has now risen for the third week in a row – making progress towards the positive zone. The 7-day average mobile crypto market sentiment score (sentscore) for ten major coins was 5.71 last week, now standing at 5.85, according to market sentiment analysis service Omenics . Moreover, almost half of this list is already in the positive zone.

Seven of those ten coins have gone up in the past seven days. The leader here, and therefore the winner of the week, is uniswap (UNI), which has increased by 11%. The relatively distant second place is occupied by the usd coin (USDC) at 7%, followed by the cardano (ADA) at nearly 7%. While Coin Binance Score (BNB) is up 5%, Chain Link (LINK) and Polkadot (DOT) are up over 3%. XRP’s score increased the least, 2%.

On the other side are the three red coins, and these are the three biggest coins by market cap: bitcoin (BTC), ethereum (ETH) and tether (USDT) – from low to high (0.3% – 3%), in that order.

That said, four of the coins named above are now in the positive zone: bitcoin is unchanged from last week’s 7, ethereum has gone from 6.7 to 6.6, and these two are joined by 6.1. uniswap and chain link 6. Cardano and polkadot are both on the edge of the positive zone as well. In total, five coins have scores between 5.2 and 5.9, while the USDC remains below 5, although it comes close this time around.

Change of feeling among the first 10 pieces *: Interpretation of the scale of the scores: – 0 to 2.5: very negative – 2 to 3.9: rather negative zone – 4 to 5.9: neutral zone – 6 to 7 , 49: rather positive zone – 7.5 to 10: very positive zone.

Source: Omenics, 10:54 UTC

Meanwhile, the 24-hour score sent for these top ten coins has entered the positive zone, currently standing at 6.03, down from 5.94 last Monday. Six-piece scores are on the rise at the moment, but with relatively lower percentages. The highest of these is USDT 6% and the lowest BTC 1%. As for the declines, they are also small, ranging between almost 1% of BNB and almost 2% of UNI. Notably, six coins are in the positive zone: BTC, ETH, UNI, USDT, DOT and BNB, in that order from the highest score to the lowest in this category (7.2-6). While XRP, ADA and LINK are in the 5.5-5.9 area, the USDC is still below 5, at 4.6.

Daily change in Bitcoin send score over the past month:

Source: Omenics

When we take a look at the 25 coins outside of the Top 10 list, which are also rated by Omenics, we see almost all of them increasing over the past week. Only two are down: Litecoin (LTC) with 0.1% and Monero (XMR) with 6%. When it came to green coins, the biggest increase in score was recorded by OMG (13%), followed closely by Compound (COMP) (12.5%). The smallest increase in sentscore is 0.5% nem (XEM). Compared to last week’s, there are now three coins in the positive zone – AAVE was joined by crypto.com coin (CRO) and cosmos (ATOM). And while the majority of the pieces on this list are in the 5.1-5.9 territory, five are just below the score of 5.

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* – Methodology :

Omenics measures market sentiment by calculating sentscore, which aggregates sentiment from news, social media, technical analysis, viral trends, and coin fundamentals based on their proprietary algorithms. media posts in an all-in-one data platform, where you can also analyze the sentiment of the content, “adding later:” Omenics combines the 2 sentiment indicators of news and social media with 3 additional verticals for technical analysis, coin fundamentals and buzz, resulting in sentscore which reports a broad outlook for each coin. “At the moment, they are evaluating 35 cryptoassets.

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