The cryptocurrency market is currently undergoing a phase of consolidation during the week bridging Christmas and New Year’s Day, following a period of substantial growth throughout the previous month.
Historical data provided by CoinGecko indicates that major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have traditionally displayed sideways movements with reduced bearish momentum during the onset of the holiday season in both 2021 and 2022.
In the past two years, the broader crypto market has also observed slight declines towards the end of December. CoinGecko’s data reflects a dip in the global crypto market capitalization, dropping from a local high of $1.764 trillion on December 25 to $1.728 trillion at the present moment, marking a decline of $36 billion.
Contrarily, insights from the market intelligence platform Santiment suggest potential bullish momentum on the horizon for the crypto ecosystem. Santiment’s analysis indicates a prevalent sentiment of “buy the dip” dominating crypto-related social activities across major platforms, with X platform leading, followed by 4chan and Reddit.
The data indicates that over 36% of conversations on social media related to cryptocurrencies involve the term “buy the dip.” Additionally, the terms “buy” and “bullish” hold shares of 2.7% and 0.5%, respectively. Conversely, mentions of “sell” encompass a 1.4% dominance in social media discussions, while references to “bearish” sentiments constitute only 0.1% of the total conversations and posts.
These movements coincide with a notable increase in global crypto trading volume, which has surged by 14% over the past day, reaching $94 billion, as per CoinGecko’s statistics.
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