Trading Volumes on Crypto Exchanges Fell in Less Than a Year – Analysis
Trading volumes across multiple cryptocurrency exchange platforms have dropped heavily despite the dramatic falloff in crypto prices, a recently published analysis suggested.
Studying data from eight of the biggest exchanges in the scene—Binance, Bitfinex, Bittrex, HitBTC, Huobi, Kraken, OKex, and Poloniex—digital asset analysis firm Diar found that around 60 percent of tokens listed have seen a drop in volume this year.
From January to November, 285 cryptos listed on the examined exchanges since 2017 saw a drop in their trading volumes—53 dropped by only less than a half while 168 lost more than 75 percent.
On the other hand, the volumes of 125 digital coins increased in the same duration, 92 of which climbed by more than three quarters.
Trading of cryptos listed only this year has also dropped in the span of only one month. More than 300 coins saw a decrease from October to November, with 200 of them shedding around 25 to 75 percent of their volumes.
The falling trading volume came as the entire crypto market fell ever since reaching its peak on late December 2017 to early January this year, when the entire market capitalization was at US$813 billion.
As of November, the global market cap stands at US$123.998 billion, almost US$700 billion lost inside 11 months.