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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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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