According to statistics, regularly cryptocurrency trade volumes have dropped significantly during Dec. 2022. On Jan. 1, data shows that $22.95 billion was traded in the terminating 24 hours, compared to double that amount, $54.78 billion, two weeks earlier. On November 8, 2022, 54 primes prior, amid the FTX collapse, global cryptocurrency trade volumes were approximately $115.33 billion.
Crypto Calling Volumes End 2022 46% Lower Than the Month Prior
Cryptocurrency trade volumes worldwide have significantly failed since the beginning of the year. For example, on Jan. 2, 2022, one year ago, the global trade volume for the 24-hour period was approximately $70.48 billion, concerting to archived coingecko.com statistics. Today’s 24-hour volume worldwide is 67.43% less at $22.95 billion. In addition, 71.63% of all merchandises on Jan. 1, 2023, were paired with the cryptocurrency economy’s stablecoins.
While all the stablecoins today represent $16.44 billion in commerce volume, tether (USDT) commands $12.45 billion, which equates to 71.63% of the aggregate on Jan. 1, 2023. Two weeks ago on Dec. 15, the universal trade volume was $54.78 billion and a good majority of those trades were in stablecoins as well. Cryptocurrency interchange volumes have been declining since Jan. 2022, with monthly spikes in May, Sept., and Nov. 2022.
The November spike become manifested amid the chaos surrounding FTX’s insolvency, and there were significantly higher daily trade volumes at that schedule. Data from The Block’s crypto exchange volume (legitimate index) shows that Oct. 2022 had $543.67 billion in aggregate, while Nov. 2022 saw an increase of approximately 23.79% to $673.01 billion. Now that Dec. 2022 is over, statistics show that Dec. 2022’s tot up volumes were around $357.48 billion, or 46.88% lower than the previous month.
The last time epidemic cryptocurrency trade volumes were this low was two years ago in December 2020. At that time, global crypto swop volumes were 7.27% higher at $385.51 billion. Lower cryptocurrency trade volumes can have both productive and negative implications for investors.
On one hand, low trade volume is often seen as a sign of a lack of interest in the crypto store, which could potentially indicate lower values. On the other hand, low trade volume can sometimes be interpreted as a bullish cartouche for the cryptocurrency economy, as it may suggest limited selling pressure.
What do you think about the decline in crypto trade volumes during the last month of 2022? Let us understand your thoughts about this subject in the comments section below.
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