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November 27, 2022
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Crypto market sentiment returns to positive zone

The average 7-day crypto moving market sentiment score (sentscore) for ten major currencies is now 6.08, up from 5.94 today where we saw last week, according to the market sentiment analysis service Omenics.

Like last week, six currencies are in the positive zone. From highest to lowest positive score, which are: bitcoin (BTC), ethereum (ETH), polkadot (DOT), Wire (LINK), Cardano (ADA) and uniswap (UNI).

And while the Binance currency (BNB), XRP and tether (USDT) are within the 5.4-5.9 range, the USD (USDC) currency is the only one that still remains below the score of 5.

That said, it also grew this week, with the second highest percentage on the list, at 6.7%. The first is BNB with 7.2%, becoming this week’s winner. Other green coins are between 0.2% (BTC) and 5.6% (DOT).

Meanwhile, only two currencies are in red red, and with lower percentages as well: USDT dropped 1.1% and UNI, 0.3%.

Change in sentiment among the first 10 currencies *

Interpreting the sentscore 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

We found an even greener situation on the last day. The combined 24-hour sentscore for these top ten currencies is now 6.22, compared with last Monday’s 5.99. However, there is also significant red to be seen – that is, when it comes to individual sentscores. All but two coins have fallen today. Interestingly, USDC is the winner of the day, seeing its score rise 4.1% and finally above the score of 5. The USDT score also rose, 0.7%. The biggest drop so far was registered by BNB, with -5.2%, and the smallest, by XRP, with -0.2%. No currency is lower than the 5th note, with four now between 5.2 (USDC) and 5.9 (USDT). The remaining six scores are all in the positive zone.

Daily Bitcoin sentscore change in the previous month:

Source: Omenics
Source: Omenics

Looking at the weekly performance of the 25 currencies in addition to the top 10 list, we see that only 10 have fallen in the last week. The biggest drop is 4.5% for Monero (XMR), while the lowest is 0.3% for the manufacturer (MKR). The increases vary between 8.3% of Tezos (XTZ) and 0.4% of ontology (ONT) . Meanwhile, ten of these currencies are in the positive zone, with the highest sentscore being 6.5 for AAVE and Algorand (ALGO). And while most are in the 5.1-5.9 range, four coins are just below the score of 5.

* – Methodology: Omenics measures market sentiment by calculating the sentscore, which aggregates sentiment from news, social media, technical analysis, viral trends and currency fundamentals based on its proprietary algorithms.
As the site explains, “Omenics aggregates trending news and viral social media posts into an all-in-one data platform, where you can also analyze the sentiment of the content,” adding later, “Omenics combines the 2 metrics of news and social media sentiment with 3 additional verticals for technical analysis, currency fundamentals and buzz, resulting in the sentscore that reports an overall perspective for each currency. ” For now, they are evaluating 35 cryptoassets.

Source: CryptoNews

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