The Crypto Market Consolidates as the Year Ends
The crypto market is currently in a consolidation phase as we approach the end of the year. Both Bitcoin (BTC) and Ethereum (ETH) have shown sideways movements with less bearish momentum during this time in previous years.
Historical data from CoinGecko reveals that the broader crypto market has also experienced slight declines towards the end of December over the past two years. Currently, the global crypto market capitalization has decreased by $36 billion, dropping from $1.764 trillion on December 25 to $1.728 trillion.
Bullish Momentum on the Horizon?
Despite the consolidation, there are indications of further bullish momentum in the crypto ecosystem. According to Santiment, social media platforms are filled with calls to “buy the dip,” with X, 4chan, and Reddit leading the way.
Santiment’s data shows that over 36% of crypto conversations on social media revolve around buying the dip. Additionally, terms like “buy” and “bullish” make up a significant share of the discussions. In contrast, mentions of “sell” and “bearish” are relatively low.
Furthermore, the global crypto trading volume has surged by 14% in the past day, reaching $94 billion, according to CoinGecko.
Hot Take: Crypto Market Consolidation Sets the Stage for a Bullish Start to the New Year
The current consolidation phase in the crypto market is a common occurrence during the holiday season. However, with the prevalence of calls to “buy the dip” on social media and the increase in trading volume, it seems that bullish momentum could be on the horizon.
As we enter a new year, crypto enthusiasts can anticipate an exciting start and potential growth in the market. It’s important to stay informed about market trends and make informed investment decisions. Keep an eye on social media platforms for updates and join the conversation to stay ahead of the game.
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