New data show that sentiment in the digital currency market is improving, and for the fourth week in a row it has maintained its upward trend.
to the Report Crypto News, sentiment in the digital currency market has improved for the fourth week in a row and has reached near the positive zone. According to data from the analytical website Omenics, the 7-day moving average of the market sentiment score, or sentscore, is 5.94 for the top 10 currencies. Six of the 10 currencies on the list are now positive in the region, however, the massive fall of one of these currencies seems to have lowered the overall score of the list.
It should be noted that the market emotion score is always a number between 0 and 10. A score above 5.9 is in the positive zone and a score below 4 is in the negative zone.
7-currency sentiment has risen over the past week. The Saint-Ripple pair has the best performance with a growth of 10.9 percent and the Tetra and Bitcoin currencies are in the next ranks with a growth of 7.6 and 6 percent, respectively. Chainlink, Cardano, Polkadot and Ethereum have all risen 1.7 to 4.3 percent over the same period.
Among the three currencies that experienced a drop in sentiment last week, the USCI had the worst performance with a fall of 15%, and Bainance Quinn and Uniswap each experienced a fall of 2.5% and 1.2%, respectively.
It is worth noting that the widespread fall of the US Quinn St. Mark’s score has raised the score of this digital currency from neutral 5 to 4.2, and this has affected the overall score of the top 10 currencies in the market. The US currency is currently the only currency on the list with a score of less than 5, while the scores of the other three currencies are in the range of 5.5 to 5.7.
Interpretation of market sentiment points:
- 0 to 2.5: Very negative
- 2 to 3.9: Somewhat in the negative zone
- 4 to 5.9: Neutral zone
- 6 to 7.49: Somewhat in the positive zone
- 7.5 to 10: Very positive
On the other hand, the average 24-hour moving average of the market’s top currencies has just moved out of the positive zone it was in last week and is just below the positive range at 5.99, while the 24-hour St. Last Monday’s list was 6.03.
The 24-hour rating of 4 currencies including Ethereum, Link, Cardano and Ripple has decreased. The U.S. Quint rose 0.6 points, still in the negative territory with a score of 3.8. Binance coin had the best performance with 5.1% growth. Since then, Bitcoin has grown by 4.1 percent and Polkadot has grown by only 0.1 percent, which means that its score has remained almost unchanged. In the 24-hour timeframe, 5 currencies Bitcoin, Ethereum, Chainlink, Polkadot and Cardano are in the positive zone and the other 4 currencies are in the range between 5.6 and 5.9.
Among the other 25 currencies in the market, there are only 4 currencies that have fallen in points. The highest decrease was related to NEO and the lowest decrease was related to Maker digital currency, each of which had a decrease of 10.5 and 0.6 percent points, respectively. Among the upward trades, QTUM had the best performance with 12.2% and Stellar had the weakest performance with only 1.3%. In total, the average score of these 25 currencies is in the positive zone, three of them have scored less than 5 points, but none of them are in the negative zone. The rating of other currencies in this list is in the range between 5 and 5.9.