Crypto Market Sentiment is decidedly positive
Crypto Market Sentiment is decidedly positive
Crypto

Crypto Market Sentiment is decidedly positive

By Marco Cavicchioli - 9 Nov 2021

Chevron down
Listen this article
download

Crypto market sentiment these days is at its highest since the beginning of the month

Bitcoin and Ethereum lead Crypto Market Sentiment 

Omenics reports that yesterday’s SentScore for Bitcoin was 7.4/10, while in the past few days it has been as high as 7.7. 

As for Ethereum, the values are only slightly lower, with 6.8/10 yesterday and 7.0 in recent days. 

Among the top ten cryptocurrencies by market capitalization, only DOT (Polkadot) and LINK (Chainlink) are said to be above 6.0/10, while the others have lower values of between 5.0 and 6.0. 

The average SentScore for the past seven days has risen to 6.04, up from 5.91 the previous week.

Compared to the previous week, the SentScore of Bitcoin and Cardano increased significantly, as did that of XRP and the two stablecoins USDt and USDC, while the SentScore of ETH, DOT and LINK decreased slightly. UNI (Uniswap), on the other hand, fell sharply. 

According to the Crypto Fear & Greed Index, yesterday’s value was 84, which is the highest level since March, but was also reached on 21 October. 

Bitcoin crypto market

Bitcoin rises awaiting Taproot

Based on these numbers, it is possible to say that Bitcoin is dominating the crypto markets these days, even though today ETH also recorded its new ATH alongside BTC

The thing is that, in addition to the price record, Bitcoin is also waiting in the next few days for the final activation of Taproot, the only Bitcoin protocol update in the last four years. Interest in it is therefore particularly high these days, even beyond price performance. 

The bullrun continues

These figures reveal that there may still be room for growth, given that the Crypto Fear & Greed Index at the beginning of the year, for example, remained above 90 for several days while the price rose from $30,000 to $60,000. 

The current level seems not to be too high, even though it is definitely in the positive zone, suggesting that the maximum for the period may not have been reached. 

However, on October 21 for instance, the day of the previous all-time high, the index climbed to 84 but fell back to 74 the following day. 

So although sentiment on the crypto markets is very positive these days, it could become even more so in the coming days or weeks if the bull run continues. 

In recent years, it has often been the case that Bitcoin’s annual price highs have occurred between late November and mid-December. 

Marco Cavicchioli

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.