Crypto Market Sentiment Takes Another Dive, 5 of the 10 Major Coins in the Negative Zone
It hasn’t been a good week for the crypto market, and it seems to have been even worse for crypto market sentiment. The average 7-day moving crypto market sentiment score (sentscore) for ten major cryptoassets dropped from 5.05 recorded a week ago to 4.39 we’re seeing today, according to the market sentiment analysis service Omenics. There are no coins in the positive zone, and five – half of the top 10 – have dropped into the negative zone.
All but a single coin's sentscore have dropped over the past seven days. USD coin (USDC) managed to rise almost 6%, making it the week's winner.
On the other hand, the falls were substantial, and most of them double-digit. The highest among these is cardano (ADA)'s nearly 30% drop, followed by binance coin (BNB)'s 21%. Chainlink (LINK), polkadot (DOT), crypto.com coin (CRO), and bitcoin (BTC), all saw their sentscores decrease between 18% and 12%. Ethereum (ETH) is not far behind with -8%, followed by XRP and its -6%. The least to drop is tether (USDT) with -2%.
That said, there are no more coins in the positive zone. BTC’s and ETH’s drops have led the coins’ sentiments to the brink of score 5. Only these two along with USDC and USDT have scores between 5 and 5.2. And while DOT is sitting at 4.4, the rest are in the negative zone. More precisely, BNB, ADA, LINK, XRP, and CRO, stand between the somewhat negative 3.9 and 3.5.
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 zone.
Now focusing on the performance of these same coins within the past 24 hours, we find the overall sentscore at 4.76, compared to 4.3 seen last
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