One of the strongest psychological factors affecting cryptocurrency trading is the fear of loss. FOMO is when traders experience coin obsession. If the currency they bought is growing rapidly, traders start to regret not making a bigger investment. If the other unbought coin goes up, they feel annoyed that they missed the opportunity.
What’s special about social media is that it amplifies this effect, as individual traders experience FOMO about their actions, but also receive feedback from other traders on social media. This style of thinking should be avoided.