Crypto Market Sentiment Improves, Bitcoin & Ethereum Gain, ATOM Drops
Following a week of strong performance in the crypto market, sentiment among market participants is also improving. According to the market sentiment analysis service Omenics, the average 7-day sentiment score (sentscore) for 10 major cryptoassets reached 4.86 today, up from 4.39 a week ago. Bitcoin (BTC) inched closer to the zone deemed as “somewhat positive” by Omenics, with no other 10 coins now left in the negative zone.
Among the 10 coins tracked, only the stablecoin USD coin (USDC) saw its sentscores worsen compared to last week, falling from 5.2 last Monday to 4.9 today.
Other major movers from the top 10 this week included cardano (ADA), which moved up from 3.9 last week to 4.5 today, and crypto.com coin (CRO), which moved from 3.5 to 4.4 – the most among all of the top 10 coins tracked.
Cosmos (ATOM) was one of this week’s losers with a fall in its sentscore of nearly 12% since last week to 4.7 today.
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.
Zooming in to look at the 24-hour sentscore of the 10 coins shows that both BTC and ETH have climbed into the positive zone, each with a score of 6.1. The daily sentscore is significantly above the weekly average, illustrating how strong the crypto market has been over the past 24 hours with respectable price gains for both of the two largest crypto assets.
Among the other coins with strongly improved sentiment over the past 24 hours was ATOM with a rise from 4.7 on the weekly to 5 on the daily, and XRP which rose from 4.2 on the weekly to 4.6 for the past 24 hours.
The two stablecoins tether (USDT)
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