Over the past seven days, the top trending words on cryptocurrency social media are “dip,” “buy” and “Fed.” Plus, the word “sell” fell out of the top 10 trending topics on Thursday despite spiking sharply on Tuesday.
According to crypto market data aggregator Santiment, social media users from Meta to Telegram to Twitter have formed a choir, and they’re all singing from the identical hymn sheet. “Dip” and “buy” are the No. 1 and No. 3 trending phrases, respectively, whereas “Fed,” or Federal Reserve, sits at quantity six.
The habits evaluation from the monitoring platform sheds mild on social volumes for phrases on crypto social media, which will be indicative of total sentiment. It works in an identical strategy to the Crypto Fear & Greed Index, which presently exhibits a rating of 18, “extreme fear.”
In distinction to the Index and some dealer fears of a $30,000 worth per Bitcoin (BTC), social media purchase sentiment stays sturdy. It continues to be simply one-third of the rating of 1,875 factors that spiked on Dec. 4, 2021, when BTC’s worth flash-crashed to $42,000.
The United States Federal Reserve options excessive up on the record resulting from dialogue surrounding a possible charge enhance in 2022. Bitcoin bull Vijay Boyapati is nonplussed. In a tweet on Wednesday, he instructed that BTC will fly when the Fed “loses control of the bursting bubble they’ve inflated for the last decade.”
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Curiously, there was a spike in “sell” sentiment exercise on Tuesday. The clamoring to promote three days in the past was simply as intense as these chiding buyers to purchase on Nov. 29, 2021, at 4,828 Santiment factors. However, again then the bull run seemed to be in full swing.
Overall, crypto sentiment appears optimistic that the present market motion is only a dip. However, the subject “bear” has crept up from the No. 10 place Thursday night to quantity eight on Friday.
With BTC costs dipping as little as $41,000, there may very well be extra volatility to return.