Cryptocurrency is nearly as big on social media as it is in the real world. This year has seen a lot of cryptocurrency related things happen, with regulators finally getting involved and some of the larger bitcoin exchanges being hacked.
The most popular phrases on cryptocurrency social media in the last seven days have been “dip,” “buy,” and “Fed.” Furthermore, after a high spike on Tuesday, the term “sell” dropped out of the top ten trending topics yesterday night.
Social media users from Meta to Telegram to Twitter have created a choir, according to crypto market data aggregator Santiment, and they’re all singing from the same song sheet. The top two trending terms are “dip” and “purchase,” respectively, with “Fed,” or the Federal Reserve, at number six.
Santiment, a behavior research and monitoring software, reveals social volumes for phrases on crypto social media, which might indicate general mood. It’s comparable to the Dread and Greed Index, which now has a score of 18, indicating intense fear.
Despite the index’s and some traders’ worries of a $30,000 Bitcoin (BTC) price, social media buy sentiment is still high. It’s still less than a third of the 1,875-point high reached on Dec. 4, 2021, when the BTC price plummeted below $42,000.
The Federal Reserve is towards the top of the list owing to speculation of a rate hike in 2022. Vijay Boyapati, a Bitcoin bull, is unconcerned. He speculated that BTC would take off when the Fed “loses control of the exploding bubble they’ve built for the past decade” in a tweet on Wednesday.
In 2021, Cardano overtook Bitcoin as the most developed crypto project on GitHub – Santiment
On January 4, there was an unusually high level of “sell” emotion activity. Three days ago, there was exactly as much pressure to sell as there was to purchase on Nov. 29, 2021, at 4,828 Santiment points. However, the bull market looked to be in full motion at the time.
Overall, crypto opinion seems to be hopeful that the present market movement is just a blip on the radar. However, the subject “bear” has risen from tenth place yesterday night to eighth place this morning.
With BTC prices as low as $41,000, further volatility is likely to follow.