Until 4 February, the Fear and Greed Index, which measures sentiment in the crypto market, was still heavily in negative territory.
Movements in the Fear and Greed Index
Specifically, it had already entered negative territory on 30 December, when it fell to 27, and reached its lowest point of this period on 8 January, when it dropped to 10.
After a brief rise, it had fallen back to these levels, so that on 25 January it was still at 12.
There was an initial rise from 26 January, but it only returned to 23, and until 4 February it had more or less remained at this level.
On 5 February, however, it went back up to 33, and yesterday it was back above 50, the neutral level.
Obviously, these movements are dependent on the price of Bitcoin, since between 4 and 5 February there was a jump from $38,000 to $41,000.
So right now sentiment on Bitcoin appears to be neutral.
Crypto Market Sentiment According to Omenics
Omenics‘ Crypto Market Sentiment shows something similar.
According to this analytics service, today the 7-day average sentiment score for the top 10 cryptocurrencies rose to 4.86, while last week it was at 4.39. However, it must be kept in mind that this average also takes into account negative sentiment from seven days ago.
The curious thing is that this index reveals that Bitcoin has now approached the neutral zone, while almost all other cryptocurrencies are reportedly still in the negative zone.
Cardano (ADA) rose to 4.5 today, and Crypto.com (CRO) to 4.4.
Cosmos (ATOM) is actually down, with a drop of almost 12% since last week.
Looking at the single figure for the last 24 hours, BTC and ETH have now largely climbed into the positive zone, with a score of 6.1 significantly higher than the weekly average.
This makes it clear how much impact the negative sentiment of seven days ago still has on the weekly average.
For example, ATOM in the last 24 hours has risen to 5, and XRP to 4.6.
However, the fact remains that at the moment the cryptocurrency with the most positive sentiment among the top 10 is Bitcoin, although it is closely followed by Ethereum. In the last 24 hours, though, there is no cryptocurrency with negative sentiment.
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