With the end of another non-holiday weekend, Santiment, the market on-chain analytical platform, took to Twitter to report the slight downfall witnessed by Bitcoin and several other altcoins. Despite the market being dipped in red, the platform further emphasized that ICP, along with INJ, STX, and BONK, have experienced a surge.
The social volumes of the crypto leader BTC and the altcoin leader ETH also recorded a drop in their value. Additionally, Santiment’s chart reveals that BNB, SOL, XRP, and USDC observed a fall in their social volume.
📉 #Crypto has seen a mild slide in its final non-holiday weekend of 2023. #Bitcoin has dropped back to $41.6K, while #Ethereum is faring a bit better as it hangs just above $2,200. #InternetComputer has been the outlier, more than doubling its market cap in a week.
(Cont) 👇 pic.twitter.com/c0lhlrrwgA
— Santiment (@santimentfeed) December 17, 2023
At the time of writing, BTC is currently changing hands at $41,173.53 after facing a 1.55% drop in its value within one day. The changes have caused BTC to fall in the red zone of the weekly chart. It is yet to be determined whether this downfall may be a slight drawback for the crypto leader. Although BTC recorded a fall over the 24-hour period, CoinMarketCap’s data also reveals that the trading volume of the crypto leader is experiencing a spike of 34.08%.
BTC Chart (Source: Santiment)
Further diving into BTC’s chart, it showcased that prices would fall at the same time when the total number of holders would also reduce. Concurrently, the prices and holders would gradually increase, as observed on the chart. The development activity has also been able to maintain a steady increase even though prices fell. On the other hand, during the BTC downtrend, development activity has also reduced.
BTCUSD 1-Day Chart (Source: TradingView)
It seems that the current downfall may have been a part of the price correction procedure as it has fallen back to the 0.382 Fib level. The 0.382 Fib level has been often viewed as a potential price correction level by most traders. By analyzing the historical prices, the price correction is probably a slight bump in BTC’s trajectory, and it may surge once again.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
