Sat. Jul 2nd, 2022

For the second week in a row, cryptocurrency market sentiment has improved.

Cryptocurrency Market Sentiment

Last week, the average sentiment measured by Omenics overall was 4.86 for the top 10 cryptocurrencies, while it has now increased to 5.41. A fortnight ago it was 4:39.

Bitcoin has performed better in this regard. Already last week he had the best score in the top 10 with 5.7, but this week he jumped to 6.4, thus moving from the neutral to the positive zone.

Cryptocurrency Market Sentiment However, the Fear & Greed Index paints a slightly different picture. While it was at 54 a week ago, it fell to 44 in the days that followed, then rose back to 51 yesterday.

The difference between Omenics sentiment and the Fear & Greed index

So the weekly sentiment for Omenics is definitely positive, although not yet on the verge of enthusiasm, while the Fear&Greed Index (FGI) is still perfectly in the neutral zone. This difference could be because the IGF also takes market prices into account, and since current prices are perfectly in line with those of a week ago, it paints a picture of substantial stagnation. Omenics sentiment is based on the prevailing sentiment of investors and speculators, and the fact that they are back in the positive zone despite prices being stagnant suggests that they expect growth soon. However, it is worth mentioning that for Omenics, only Bitcoin and Ethereum are currently in the positive zone, while the other major cryptocurrencies are still in the neutral zone. Interestingly, the only token in the top 10 that has seen a drop in sentiment over the past seven days was USDC, which fell from 4.9 to 4.5.

Bitcoin gets excited again

It is worth noting that the picture is slightly different over the last 24 hours, with BTC sentiment rising to 6.5 and ETH sentiment falling to 5.9. It would seem that Bitcoin is once again becoming the favorite cryptocurrency in the crypto markets these days, with its dominance according to CoinGecko increasing from 39% to 40%. This is just a sign, but a pretty clear one. In a scenario like the current one, this trend could end up being reinforced as days go by.

By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on wttspod.com for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.