The analysis shows that trading volumes on crypto exchanges have reached a new low point and this is the lowest one since 2017 if we are to compare with the previous analysis that we have written about in our crypto news.
Since 2019 has started, the exchanges show low trading volumes that have never been recorded since 2017. The blockchain company Diar that worked on the analysis notes that this is the worst period for crypto exchanges especially for the largest ones such as Binance since its BTC/USD marked almost halved in comparison to last year.
As for Coinbase, its BTC/USD market is also experiencing new lows and Hong Kong’s OKEx lost its three-month growth trend in trading volume sinking below $4 billion mark.
Binance CEO Chengpeng Zhao said in November 2018 that the company is not concerned about the low trade volumes but then also said that Binance has a tenth of the trading volume that was reported in January 2018 but its still trading above volumes from three years ago.
According to another report by the Blockchain Transparency Institute, the majority of the top BTC trading pairs listed on CoinMarketCap are based on inflated and false volumes. BTI also analyzed Bithumb as to having a ‘’large amount’’ of wash trading mainly with Monero and ZCash.
Diar release another report analyzing the on-chain transaction value of Ethereum and shows that it hit an all-time high in December 2018 reaching 115 million.
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“Rug pull senses tingling. I managed to make it here up in $BTC, up in $USD. Going to keep it that way – tethering ~75% of my $crypto holdings. Playing with the rest. Maybe I get left behind, but I don’t think so.”Despite Bitcoin's increased dominance which now sits at its all-time high of 54.2%, the technical perspectives show that the great altcoin boom on the market is likely to produce a boost - and that the future altcoin news may show us a lot of new capital and confidence from investors. However, this altcoin boom is only possible if Bitcoin sees a strong upside movement and stabilizes above the crucial resistance levels. Currently, the daily spot volume of BTC is at around $580 billion which is still a big up since the first week of March - and a good sign that the great altcoin boom may be around the corner.
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