Sentiment Improves as Bitcoin, Ethereum Jump into Positive Territory
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
Taking a closer look at the changes over the past 24 hours, it seems that the sentiment among crypto market participants has only gotten
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