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‘Buy the dip’ calls on social media surface, market sees correction

Dorian Batycka
Edited by
Markets
‘Buy the dip’ calls on social media surface, market sees correction

As the total crypto market capitalization sees a sharp decline in 24 hours, investors show high levels of interest in “buying the dip.”

According to data provided by CoinGecko, the global crypto market cap declined by 4.4% in the past 24 hours, the fastest drop in over four months. The total digital currency market cap fell from $1.71 trillion to $1.64 trillion as the top assets, Bitcoin (BTC) and Ethereum (ETH), witnessed significant slides.

‘Buy the dip’ calls on social media surface, market sees correction - 1
Total crypto market cap – Dec. 11 | Source: CoinGecko

Data from CoinGecko shows that decentralized finance (defi) tokens’ market capitalization recorded a slight increase despite the market-wide cooldown — rising from $75.3 billion to $75.6 billion over the past 24 hours.

Moreover, data provided by Santiment shows that the social volume for the terms “buy the dip,” “buy,” “dip,” and “buydip” has seen a significant rise over the past 24 hours, reaching a two-month-high.

https://twitter.com/santimentfeed/status/1734093149054869662?s=20

Per the market intelligence platform, most discussions come from Reddit and X as the market runs into the “extreme greed” zone.

The market-wide decline comes after Bitcoin briefly touched the $44,000 mark and Ethereum reached the $2,400 area. 

BTC declined by 4.1% in the past 24 hours and is trading at around $42,150. Bitcoin’s market cap still stands above the $820 billion mark. 

Ethereum and many more altcoins witnessed almost identical movements. ETH dropped by 4.9% in the past 24 hours and is trading at $2,230 at the time of writing.