Crypto Market Sentiment Dips For Fourth Week In A Row

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Source: iStock / Consultant Boonnak

The sentiment of the crypto market continues the fall it started at the end of August. According to market sentiment analysis service Omenics, the average 7-day mobile crypto market sentiment score for ten top crypto assets is now 5.43, down from 5.58 a week ago.

Unsurprisingly, almost all of the part shipment notes are in red at the time of writing. The biggest drop was in the Binance Coin (BNB), which fell almost 14%. The distant second spot is the 5% drop in Chainlink (LINK), followed closely by the 5% drop in XRP. Tether (USDT) is not far behind with a drop in its score of almost 5%, while bitcoin (BTC) is down 3.5%. Uniswap (UNI), ethereum (ETH) and cardano (ADA) fell by 3%, 1% and 0.8% respectively.

The two coins whose scores rose in the past week are the polkadot (DOT) with a rise of 3% and the USD coin (USDC) with 2%. Notably, although it continues to have the lowest overall score, USDC was also the lone winner last week.

Three coins remain in the positive zone, like a week ago, but with some differences. Bitcoin and ethereum have since fallen, while the polkadot score has increased. More and more coins have fallen below the score of 5, with LINK, ADA and UNI in the 5.3-5.6 range and XRP, BNB, USDT and USDC in the 4.3-4.8 range.

Change of feeling among the first 10 pieces *: Interpretation of the score scale: – 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, 10:50 UTC

In the last 24 hours alone, the overall send score for those same ten coins has also gone down. The 24-hour average score is now 5.2, down from 5.47 last Monday, continually moving away from the positive zone it had little reached last month. All coins except USDC – whose score is up 4% – are red. The highest daily decline is recorded by Ethereum, with -10%, followed closely by XRP and BNB, having fallen by 9% and 8% respectively. Bitcoin has fallen 7%, while the remaining coins are down between 7% and 2%.

BTC, ETH and DOT are still the only three in the positive zone, but ETH is now on the edge of this one with a score of 6, while DOT topped it with 6.3, ranking second behind BTC 6, 5. Three other coins have scores between 5.1 and 5.4, and although BNB has fallen to close to 4, no coins are in the negative zone.

Daily change in Bitcoin send score over the past month:

Source: Omenics

Now, looking at the 7-day performance of the 25 coins outside of the top 10 list, we see that the majority of their send scores have fallen over that time frame. Only four are on the rise: tron ​​(TRX) (7%), synthetix (SNX) (5%), algorand (ALGO) (1.5%) and REN (1%), while cosmos (ATOM) is unchanged. As for the declines, the highest of these is 14% observed by yearn.finance (YFI), with several others also having recorded double-digit declines. The smallest slip is 0.4% for OMG. Meanwhile, ALGO, ATOM, TRX, and crypto.com (CRO) are in the positive zone, ten are in the 5-5.9 range and the rest are below. Although nem (XEM) is close with his score of 4, no piece is in the negative zone.

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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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