CryptoNews.pro | Crypto Market Sentiment Drops, Only Bitcoin & ADA Positive

0
19
HyperCapital

#crypto #business #blockchain #cryptonews #bitcoin #cryptobusiness #ethereum #mining #pow #pos #cryptonews.pro #hypercapital #hypertech #hyperland #hypercash #tech #onlinebusiness #news #mustsee #mustwatch #mustread #cryptology #trading #online

Source: iStock/da-kuk

After reaching the highest score in a year of 6.23 last Monday, the combined moving average 7-day market sentiment measure, sentscore, for the top 10 coins fell back in the zone we’re more used seeing it in. Though still high, it’s below the score seen even three weeks ago, now standing at 5.63/10, according to Omenics, a crypto market sentiment analysis service.

The drop can be seen across the board – it’s all red. Compared to last week’s six coins in the positive zone, we have only two there now, Bitcoin (BTC) and Cardano (ADA), both of which are also showing lower scores today – from 7.5 to 6.6, and from 6.3 to 6, respectively. Many other coins that were on the very border of the positive zone last week failed to cross it, moving away from it instead, including Bitcoin Cash (BCH) – the only one to fall below the score of 5.

Sentiment change among the top 10 coins*:
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

Crypto Market Sentiment Drops, Only Bitcoin & ADA Positive 102
Source: Omenics, 11:40 UTC

BCH and EOS dropped the most this week by far (18.5% and 17.3%, respectively). BCH’s score went from 5.8 to 4.6 in a week. Its highest scores are 5.9 in news and 5.1 in technicals. It has got 4.5 in both social and buzz, and only 2.7 in fundamentals. Meanwhile, EOS dropped from 6.2 to 5.8, with its highest score today being in news (6.2). It has neutral grades in technicals (5.8), social (4.8), and fundamentals (4.4), and a negative score in buzz (3.9).

On the other hand, the coin whose score fell the least is today’s winner, this being Tether (USDT), with -2.5%. It has quite high grades in technicals (7.5), as well as news and buzz (6.6 each), even social (5). However, it has only 3.1/10 in fundamentals. XRP and Cardano, respectively, are two more coins whose scores have dropped below 6% in seven days. Both have high scores in news, social, and technicals – all between 5.3 and 7.9, while their buzz and fundamentals are weaker, in that order. XRP’s lowest score of 4.2 in fundamentals beats ADA’s lowest score of 3.7 in the same category.

Daily Bitcoin sentscore change in the past month:

Crypto Market Sentiment Drops, Only Bitcoin & ADA Positive 103
Source: Omenics

Looking at the 24-hour sentscores of the top 10 coins, though there seems to be an improvement in the sense that 7 coins have seen a rise in their scores and Ethereum joined Bitcoin’s and Cardano’s (unchanged) positive scores – the green percentages are still not enough to pull the overall combined moving average above today’s seven-day score. As a matter of fact, in combination with three remaining coins dropping further, the 24-hour score is currently even lower than the 7-day one, standing at 5.39.

Now zooming out to look at the 7-day average scores of the coins outside the top 10 list, we see a massive change there as well. All but Steem (STEEM) are in red, not a single one is in the positive zone (compared to ten last week), and though many still have scores above 5, we have a coin in the negative zone this time around: IOTA (MIOTA), which fell 22.1% in a week, to a score of 3.6. You can read here about the attack on IOTA, the consequences, and the measures taken by the IOTA Foundation.

Watch the latest reports by Block TV.

___

* – 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.


Credit: Source link

HyperCapital

LEAVE A REPLY

Please enter your comment!
Please enter your name here