Why is crypto down today?

2 Min Read

The crypto market has began consolidating within the week between Christmas and New Years Day, after registering vital progress over the previous month. 

In keeping with information supplied by CoinGecko, the main cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), have traditionally witnessed sideways actions with much less bearish momentum firstly of the vacations in 2021 and 2022.

The broader crypto market additionally recorded slight declines in the course of the finish of December previously two years. 

Per CoinGecko, the worldwide crypto market capitalization declined from an area excessive of $1.764 trillion on Dec. 25 to $1.728 trillion on the time of writing — recording a $36 billion decline. 

Alternatively, information from the market intelligence platform Santiment reveals that additional bullish momentum might be on the way in which for the crypto ecosystem. 

Why is crypto down today? - 1
Trending key phrases on social media – Dec. 27 | Supply: Santiment

In keeping with Santiment, requires “purchase the dip” dominate the crypto social exercise on main social media platforms — with X main the cost, adopted by 4chan and Reddit. 

Information reveals that over 36% of the crypto conversations on social media embody the time period “purchase the dip.” 

Furthermore, the phrases “purchase” and “bullish even have a 2.7% and 0.5% share, respectively. Whereas the variety of requires “promote” has a 1.4% dominance on social media, solely 0.1% of the mentions and posts included the time period “bearish.” 

The actions come as the worldwide crypto trading volume registers a 14% surge over the previous day, reaching $94 billion, per CoinGecko.

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