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Market Sentiment Improves as Bitcoin & Ethereum Moves Further into Positive Zone

Market Sentiment Improves as Bitcoin & Ethereum Moves Further into Positive Zone
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Sentiment across major currencies in the cryptocurrency market has continued to improve over the past week, after also seeing a strengthening last week, according to data from the market sentiment analysis service. omen.

The 7-day moving average of the sentscore for the ten major crypto groups tracked by Omenics for the past week stood at 5.41, up from 5.16 last Monday and 4.85 the week prior. This week’s increase comes as a result of stronger 7-day point averages for almost all of the top 10 coins tracked by Omenics, with Bitcoin (BTC) and Ethereum (ETH) up 0.3 and 0.2 points, respectively, compared to the previous year. week.

With a 7-day average sentscore of 6.4 for BTC and 6.2 for ETH, both of these coins are now within what Omenics calls “fairly positive.”

The only coin in the top ten that saw a lower 7-day average score this week was XRP, which dropped from a score of 5.1 last week to a score of 4.9 today.

Changing sentiment among the 10 major 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, 13:11 UTC

Taking a more focused look at the action over the past 24 hours reveals that sentiment toward the two largest cryptocurrency groups has soured somewhat in the short term. Data from Omenics shows that BTC has a score of 6 in a 24-hour period, while ETH has a score of 5.8.

Meanwhile, some currencies showed stronger sentiment on this shorter time frame. Among these, the US dollar stablecoin (USDC) was among the most notable, coming in at 5.6 cents for the day in 24 hours versus 5 for the week, which could indicate that traders are looking for safety in the stablecoin as crypto prices drop.

other than USDC, UniswapUNI’s governance token has also seen stronger sentiment around it in the past 24 hours than in the week as a whole. The data showed that at the time of writing, UNI’s 24-hour semester GPA was 5.8.

Zooming out to cover all 35 coins tracked by Omenics based on a 7-day average, it is clear that sentiment at the moment favors the two largest crypto groups. However, there are exceptions to this, for example, the Universe (ATOM) sees degree 6.1. Other than the three coins mentioned above, there were no other coins with a cent sign in the area that is considered positive.

Looking at the other side of the spectrum, QTUM, nem (XEM) and OMG had the worst 7-day average scores among all the coins tracked, with scores of 3.8, 3.9, and 4, respectively. Low scores placed QTUM and XEM in the region that Omenics defines as “fairly negative,” while OMG barely manages to stay in the “neutral” region.

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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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