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Crypto Market Sentiment Falls, Bitcoin and Ethereum Out of the Positive Zone Again

Crypto Market Sentiment Falls, Bitcoin and Ethereum Out of the Positive Zone Again
Written by publisher team

Source: iStock / Easyturn

After a slight and short term improvement, market sentiment has cooled again over the past week. The 7-day moving average cryptocurrency market sentiment score (sentscore) for ten major crypto assets today is 5.06, while a week ago it was at 5.16, according to the market sentiment analysis service. omen. Notably, there are no more coins in the positive zone among the top ten coins, and only one coin out of all the ranked coins.

Unlike last week, when all but one of the coins were green, this week all but two were red. The two winners are the US dollar coin (USDC), which has increased by 18%, and chainlink (LINK), which has increased its score by 5%.

Among the red coins, the largest drop was around 20%, recorded by XRP. Another double-digit drop is the rope’s (USDT) drop of 14%. Ethereum (ETH), bitcoin (BTC), crypto.com co (CRO), binance coin (BNB) and cardano (ADA) – all saw their scores drop between 9% and 7%. Finally, Polkadot (DOT) is down less than 1%.

The decline in market sentiment in general is reflected in the number of coins within positive territory – where there were none this week. The declines in the Sentscores’ score for BTC and ETH pushed it below 6. Bitcoin’s 5.9 leads the list now, followed by USDC 5.8, and then Ethereum 5.7. In addition, only one coin has a score above 5, i.e. a DOT with a 5.5. The rest have sentscores between 4.1 and 4.9.

Changing morale among the top 10 currencies*:
Interpretation of the sentscore:
0 to 2.5: very negative
– 2 to 3.9: a rather negative area
– 4 to 5.9: Neutral Zone
– 6 to 7.49: a fairly positive area
7.5 to 10: a very positive area.

Source: Omenics, 11:01 UTC

The 24 hour score for the same 10 coins also saw a drop. The average score for the day was 4.76 compared to the 5.72 it recorded last Monday. However, only four basis points for the coins fell, with relatively low percentages: ETH, DOT, BTC and XRP fell between 2.5% and 1.6%. On the other hand, the highest increase was recorded at 5.5%, recorded by LINK, while the other increased between 5.2 (USDT) and 0.8% (ADA). There is one currency in positive territory here, and that is USDC with number 6.2. Bitcoin dropped to 5, and Ethereum fell even lower, to 4.9. DOT and LINK scored 5 and 5.6, respectively, while the others scored between 4.2 (USDT) and 4.4 (ADA). However, XRP is in negative territory today, with a score of 3.7.

Now by looking at the 25 coins outside the top ten list, we see that only 10 of the 25 have gone up over the past week. The highest among these is 0x (ZRX) at 10%, while the lowest is tron ​​(TRX) at 0.2%. As for drops, the lead here is taken by the manufacturer (MKR) and its 13% drop. The least that falls is nem (XEM) at 0.3%. Unlike the top ten list, this list contains a coin in the positive region – Cosmos (ATOM) with 6.3, making it the only coin there among the 35 coins rated by Omenics. Nine others sit in the 5-5.8 range, twelve have sentscores between 4.4 and 4.9, while three are in the negative region: XEM and QTUM with 3.9, and OMG with 3.8.

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* – Methodology:

Omenics measures market sentiment with a sentscore account, which aggregates sentiment from news, social media, technical analysis, viral trends, and currency fundamentals based on their proprietary algorithms.
As their website explains, “Omenics combines 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 sentiment indicators from news and social media with 3 additional columns for technical analysis.” , coin basics, and buzzes, resulting in a sents sign that provides an overview of each coin.” At the moment, they have rated 35 groups of crypto-assets.

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