The global cryptocurrency market cap has lost $40 billion over the past 24 hours amid the sustained market-wide turbulence that has seen several assets such as Bitcoin (BTC) and Ethereum (ETH) drop by shocking margins.
As a result, market sentiment has dipped significantly, per data from Santiment. Santiment’s total social volume metric suggests that, while social activity has increased over the past week, the crypto community has focused primarily on buy and sell mentions.
However, despite the downtrend, market participants are leaning toward “buy the dip” tendencies, as “buy” mentions increase to 2,431, taking 3.61% of the total social volume. In addition, mentions of “sell” have risen to 1,230, accounting for 1.83% of social volume.
The market faced a considerable setback yesterday following Bitcoin’s collapse below the pivotal $40,000 support threshold. The asset had defended the $40,000 level since the start of the year until Jan. 22, when it slumped to $39,700.
Bitcoin recovered the $40,000 support almost immediately. Nonetheless, a resurgence of bearish pressure has triggered a similar market drop, with the asset currently changing hands at $39,734. BTC declined by 3.7% over the last 24 hours.
The BTC dip has affected the rest of the market, with ETH dropping by 4.11% in the past 24 hours to $2,307 at the reporting time. ETH recorded a massive 5.11% intraday loss yesterday, as the bears target the $2,300 support in an attempt to trigger further declines.
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