The crypto market has witnessed a noteworthy surge in social media activity. As per the statistics from the market intelligence company Santiment, the discussions around purchasing crypto are reportedly reaching the peak point in the month.
The following illustrates the level of interest in buying crypto (in blue) vs. selling crypto (in red) across social media over the past month. With Bitcoin's retrace to about $94.7K earlier, watch to see if retail shows FOMO at these cheaper levels. https://t.co/BwsGe1Hwq5 pic.twitter.com/eFksH8APUu
— Santiment (@santimentfeed) December 10, 2024
Interest in Purchasing Crypto Jumps to a Monthly Peak After Bitcoin’s Retracement to $94,700
Santiment mentioned that the surge in the interest in crypto purchases took place when Bitcoin reportedly retraced to nearly $94,700. The statistics highlight the contrasting levels of interest in selling and buying crypto assets over the month. The exclusive increase in purchasing sentiment has overwhelmed the selling sentiment. This suggests a significant shift in the mindset of the retail investors. Market onlookers closely observe this trend. Hence, the dip-buying activity is getting more and more momentum.
The data points out that retail crypto investors are endeavoring to precisely lead the market toward the 4th consecutive dip. This demonstrates the top confidence in amassing cryptocurrencies amid the market corrections. Interestingly, the present buying interest exceeds that witnessed in the past 3 dips. These dips were followed by resilient crypto rallies.
The Surging Buying Interest May Lead to Persistent Confidence in Long-Term Crypto Potential
In line with Santiment’s data, this trend denotes the increasing impact of retail crypto investors in driving the overall market sentiment. Additionally, it also signifies the significance of keeping an eye on social media buzz as a sign of likely price actions. According to market experts, such a spike in purchasing interest, particularly amid corrections, could lead to sustained confidence in the crypto assets’ long-term potential.
