Crypto Market Sentiment Drops Again; Bitcoin Still in the Positive Zone

Source: iStock/da-kuk

Crypto market sentiment went for a dive in the first week after the Bitcoin (BTC) halving event on May 11. Crypto market sentiment analysis service Omenics shows that the combined moving average 7-day market sentiment measure, sentscore, for the top 10 coins dropped from last week’s 5.67 to 5.08/10 this week.

While the prices have been rising, the sentscores for all but one coin have dropped, most of them in double-digits, and even that one exception – Stellar (XLM) – saw a small increase of 0.3%. Bitcoin remains in the positive zone, though with a lower sentscore, while Ethereum (ETH) got knocked back down into the neutral zone. We find only two more coins with a score above 5, while the rest dropped into the 4-5 range. That said, none are in the negative zone yet, though Bitcoin Cash (BCH) is sitting at the verge of it.

Meanwhile, observing the situation for the top 10 coins in the last 24 hours, we found it somewhat greener. Though their combined score is just 5.07, even less than the 7-day one. Still, six coins have seen an increase in their scores, including Bitcoin and Ethereum, both of which are in the positive zone. There is, however, a coin in the negative zone as well: BCH with 3.8/10.

Sentiment change among the top 10 coins in the past week*:
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

The only coin whose sentscore has increased over the course of the past week is our winner. Stellar has two high scores in the positive zone this week: 8.2/10 in news and 6.2 in technicals. Two more scores are in the neutral zone, these being 5.4 in social and 4 in buzz, while its fundamentals got the negative score of 3.5.

The losing coins for this week are those with the highest decreases in their respective sentscores: BCH with -20.5%, Binance Coin (BNB) with -18.2%, and Litecoin (LTC) with -17.9%. BCH has 5.4 in news as its highest score, followed by 4.8 in social, 4 in buzz, as well as 2.8 in technicals, and 2.7 in fundamentals. BNB’s got a high sentscore of 6.5 in news, as well as 5.4 in fundamentals, but the rest of its scores are quite low: 3.8 on social and technicals each, and 3.5 in buzz. Lastly, LTC’s strongest aspects are social and news, with the scores of 5.5 and 5.4, respectively, followed by 4 in fundamentals, while its weakest aspects are buzz and technicals, which got 3.9 and 2.8, respectively.

When it comes to the other 29 coins rated by Omenics, the week was rough on them too. The scores of only eight have gone up. Still, Nano (NANO) remains in the positive zone with a score of 6, sixteen have scores above 5, and Komodo (KMD) is still the only coin in the negative zone with 3.5.


* – 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 39 cryptocurrencies.