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In the last seven days, the total market cap of the cryptocurrency market has seen a drop of approximately 5.86%. The drop has sparked a rise in selling interest in the crypto community. Meanwhile, citing the Q4 bull rally, experts suggest that when market sentiment becomes overly bearish, it often signals a reversal. Let’s explore how bearish sentiment could set the stage for a bullish turnaround! Ready?
Crypto Market Performance: A Tough Week for Traders
On Monday, January 6, the crypto market touched a weekly peak of $3.54T. On Tuesday, January 7, the market witnessed a severe single-day drop of 5.69%. On the second-to-last day of the week, the market plummeted to a low of $3.16T. On Friday, January 10, though buyers attempted to push the price higher, the 2.21% growth achieved was far less than the 11.07% growth required to recover from the correction suffered.
Almost all the top ten cryptos have witnessed a decline in the last seven days. Bitcoin has dropped by 3.9%, Ethereum by 9.8%, XRP by 4.6%, BNB by 3.6%, Solana by 14%, Dogecoin by 14.9%, and Cardano by 14.9%.
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Rising Crypto Selling Interest: What It Means
Reports indicate that the crypto market decline has triggered a sharp rise in selling interest among crypto traders. Rising selling interest in the crypto market is something that requires extreme attention because it can strongly pull crypto prices downwards.
Crypto Market Bearish Sentiment and Historical Trends
During the Q4 bull rally, heightened bearish sentiment preceded price surges. Citing the aforementioned historic trend, experts suggest that when the crowd becomes too bearish, it leads to potential price rebounds. This simply implies that there is no reason to worry about the current pessimism in the market.
In conclusion, despite a challenging week for crypto traders, rising bearish sentiment may signal a market rebound. As history shows, when the crowd turns bearish, a price surge might not be far behind.
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FAQs
The crypto market has seen a slight recovery, with a 2.21% growth on January 10, 2024, but still faces overall declines from last week’s correction.
The crypto market fell by 5.86% in the past week due to a rise in selling interest, following a steep correction after January’s peak.
While the market is bearish, coins like Bitcoin (BTC) and Ethereum (ETH) remain strong, with long-term potential despite recent drops.
