“Buy the Dip” discussion rates have reached its highest level in 4 months, according to a post shared by the market intelligence firm Santiment. Following a week of downward movement in the value of altcoins, Bitcoin (BTC) has also experienced a significant drop in value, causing a widespread decline across the entire cryptocurrency market.
📉 After #altcoins spent the past week bleeding, #Bitcoin finally had its own implosion… and took all of #crypto down with it. Prices are rebounding slightly, but this dip was enough for the crowd to call for #buythedip at the highest level since April. https://t.co/SwBU58tnqr pic.twitter.com/O65Hs0w8VM
— Santiment (@santimentfeed) August 17, 2023
After the market started taking a turn for the worst and BTC’s price fell below $26.6k, Santiment data indicated that social media mentions of “buy the dip” or “buy dips” reached its highest point since 9 April of this year. The extremely discounted prices of most top 10 tokens are likely the fuel behind the “buy the dip” trend.
In the last 24 hours of trading, BTC, the dominant player in the cryptocurrency realm, experienced a notable decline of over 7% in its price. This downturn positioned it as one of the most significant losers within the top 10 cryptocurrencies. Consequently, the value of BTC stood at around $26,491.13 at press time.
Meanwhile, Ripple (XRP) made many heads turn after it suffered a loss of more than 12% over the past day. This left XRP trading hands at $0.5129. The big plummet the remittance token’s price took also meant that it weakened against BTC by around 12.61%. To make things worse, XRP’s weekly performance was pushed further down to -19.16%.
The leading altcoin, Ethereum (ETH) also did not escape the market crash unscathed as its price dropped by 6.06% since yesterday. This meant that ETH was worth around $1,690.42, which was still a bit closer to its daily high of $1,797.92 than its 24 hour low of $1,551.71.
Dogecoin (DOGE) also saw a significant 8% price decline throughout the past day, and as a result, was trading at $0.06209. Furthermore, the hiccup in DOGE’s price pushed its weekly performance even further into the red zone to -17.97%.
Amid the tumultuous events in the cryptocurrency market, Tron (TRX) emerged relatively unscathed, experiencing a modest decline of 2.52% in its price. Consequently, the value of TRX hovered around $0.07273. Notably, Tron’s trading volume over the span of 24 hours exhibited a substantial increase of over 36%, culminating in a total volume of $297,831,359.
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