Crypto Market Sentiment Falls, Bitcoin and Ethereum Out of the Positive Zone Again
Following a slight and short-lasting improvement, the market sentiment dropped once more over the past week. The average 7-day moving crypto market sentiment score (sentscore) for ten major cryptoassets stands today at 5.06, while a week ago it stood at 5.16, according to the market sentiment analysis service Omenics. Notably, there are no more coins in the positive zone among the first 10 coins, and only one among all the rated coins.
Unlike a week ago, when all but one coin were green, this week, all but two are red. The two winners are USD coin (USDC), which is up by 18%, and chainlink (LINK), the sentscore of which increased 5%.
Among the red coins, the largest drop was almost 20%, recorded by XRP. Another double-digit fall is tether (USDT)’s 14%. Ethereum (ETH), bitcoin (BTC), crypto.com coin (CRO), binance coin (BNB), and cardano (ADA) – all saw drops in their respective sentscores between 9% and 7%. Lastly, polkadot (DOT) fell less than 1%.
The decrease in the overall market sentiment is further reflected in the number of coins within the positive zone – there being none this week. The drops in BTC’s and ETH’s sentscores pushed both below the score of 6. The list is now led by bitcoin’s 5.9, followed by USDC’s 5.8, and then ethereum’s 5.7. Additionally, only one other coin has a score above 5, that being DOT with 5.5. The rest have sentscores between 4.1 and 4.9.
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.
The 24h sentscore for these same 10 coins has also seen a decrease. The average sentscore for the past day stood at 4.76, compared to
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