Sentiment Improves as Bitcoin, Ethereum Jump into Positive Territory

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Source: iStock/da-kuk

Sentiment in the crypto market improved markedly over the past week, with the 7-day sentscores of both of the two largest cryptoassets now back in positive territory, according to the market sentiment analysis service Omenics.

With the average 7-day sentscore for the 10 major coins tracked reaching 5.46 this week, sentiment as measured by Omenics and reported every Monday by Cryptonews.com is now at its strongest for the year.

The strong sentiment comes as bitcoin (BTC) has broken out of a key resistance level to reach its highest price since the start of the year.

The current average sentscore for the 10 coins is up from a score of 5.08 last Monday, and further up from 4.9 seen two weeks ago.

Just like last week, BTC came in with the strongest sentiment over the past 7 days, this time with a sentscore of 6.3. The coin was followed by ethereum (ETH) with a 7-day sentscore of 6.1, and polkadot (DOT), which came in with a score of 5.8.

Cronos (CRO), formerly crypto.com coin, had the lowest sentscore this week, coming in at 4.4. The low sentiment comes despite a respectable 7-day price gain of more than 20% as of this writing (14:14 UTC). The coin was followed by the two stablecoins tether (USDT) and USD coin (USDC), which both came in with a score of 5.1.

With the exception of BTC and ETH, all of the top 10 coins had sentscores in the zone defined as ‘neutral’ by Omenics.

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 zone

screenshot 2022 03 28 at 16 26 57 omenics bitcoin and cryptocurrency data analytics
Source: Omenics, 13:36 UTC

Taking a closer look at the changes over the past 24 hours, it seems that the sentiment among crypto market participants has only gotten stronger, with BTC once again being the favorite.

The number one cryptocurrency came in with a 24-hour sentscore of 7.2, well into the zone defined as ‘somewhat positive’. The coin was once again followed by ETH with a 24-hour sentscore of 6.7, and DOT with a score of 6.3.

The three coins were accompanied by BNB as the only four coins with a sentscore in the positive zone.

Perhaps not surprisingly on such a strong day for the crypto market, the coin with the worst sentiment over the past 24 hours was a stablecoin. USDC came in with a 24-hour sentscore of 4.6, and was followed by CRO with a score of 5.2 and USDT with a score of 5.6.

Daily Bitcoin sentscore change in the past month:

screenshot 2022 03 28 at 16 58 12 omenics bitcoin and cryptocurrency data analytics
Source: Omenics

Zooming out to cover all 35 coins covered by Omenics on a 7-day basis, we can see that synthetix (SNX) with a sentscore of 6 has joined BTC and ETH as the only three coins with scores in the positive zone.

Other strong performers among altcoins outside of the top 10 this week included the two privacy coins monero (XMR) and zcash (ZEC), with sentscores of 5.9 and 5.8, respectively.

At the other end of the spectrum was ontology (ONT), nem (XEM) and chainlink (LINK), which came in with 7-day sentscores of 3.7, 3.9 and 4.4, respectively.

Out of all 35 coins, only ONT and XEM ended up in the zone defined by Omenics as ‘somewhat negative’.

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* – 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 35 cryptoassets.

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