If you are new to the topic of crypto sentiment scores, you should definitely consider them as a way to track the overall position and potential direction of the market. After the large drop from last week, we can see that the crypto sentiment scores (sentscores) barely moved over the course of the past 7 days.
For those of you who don’t know, the sentiment is basically a combination of the 2 indicators from news and social media with additional 3 verticals for technical analysis, as well as the fundamentals of the coin plus the buzz going on around it. All of this results in the “sentscore” as it is also known – or an indicator which reports a general outlook for each coin.
In the crypto news today, we can see that the past seven days have seen a few coins only going green. Five out of these ten have had a rise in the sentscores (crypto sentiment scores) going between 0.8% and 6.5%. We can still see only Bitcoin (BTC) going in the positive zone, with the score going from 6.1 to 6.3 right now.
According to the crypto market sentiment analysis tool Omenics, the combined average sentscore for the top 10 coins is now down to 4.51 from the Monday’s 4.97 levels. And while Tether (USDT) and Cardano (ADA) are green now, the Cardano news show that ADA has a higher score than Ethereum and that the two are joined by Bitcoin (BTC) in the neutral zone with a score of 5.6. In the negative zone, EOS has got competitors – it is XRP and Bitcoin Cash (BCH) which are now in this category. On the image below, we are sharing the current sentiment scores for the crypto market.
The crypto sentiments scores and their value mean the following:
– 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
As we can see from the data shared by Omenics, the winners this week were Litecoin (LTC) and Bitcoin (BTC). Litecoin even saw a rise in its crypto sentiment scores of 6.5%, followed by Bitcoin and its 3.6% rise.
On the other hand, the coins whose scores dropped the most are EOS and XRP, with a 9.4% loss for EOS and a 8.6% one for XRP, respectively.
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