It is evident the cryptocurrency markets are not in the best of places right now. With all currencies bleeding value virtually every single day, there is still a long way to go until things improve again. Trading volume looks especially bleak right now, as a lot of currencies are struggling to note any growth in that department. With just 18 currencies noting higher volume numbers over the past week, things are not looking all that great.
As most people will have noticed by now, there is far less interest in trading cryptocurrencies. It is a bit unclear where this negative trend originates from, although the falling values of all currencies probably have something to do with it. Even so, the prices won’t go back up until the
trading volume improves again. As of right now, very few coins are noting growth in that area.Among the top 100 cryptocurrencies ranked by market cap, over 80% saw lower trading volume over the past week. That list includes virtually all top cryptocurrencies, even though Bitcoin is still doing a more than adequate job in this regard. Unfortunately, only 18 currencies have seen slight to major increases in trading over the past seven days. It is evident that investors and speculators are souring on cryptocurrency right now.
In late March of this year, the overall crypto market volume per day was $12.75 billion. At that time, we also had a cryptocurrency market cap of just over $215 billion. One week later – on April 1 – that market cap had shrunk to $248.57 billion. As a direct result, the overall trading volume also declined to $9.54 billion. Compared to the $40 billion in daily trading volume late last year, things have certainly taken a turn for the worse.
Fast forward to today, and the overall trading volume and market cap have not decreased further since the start of April. That in itself is a positive development, even though we have seen a lot of bears exert pressure all week long. Whether or not speculators want to keep things as they are or aim to push all values down further remains anybody’s guess as of right now.
Even though the top cryptocurrencies may be seeing less trading volume than they were before, there is a silver lining to all this: the ratio of the top 10 market value to the top 100 value hasn’t changed. This further confirms that there is a correlation between top altcoins and smaller-cap currencies. Unfortunately, it also means there is no growth expected for any cryptocurrencies in the top 100 unless the major coins and tokens suddenly make a push, which seems highly unlikely.
Additionally, it seems there have been no real changes in terms of the market share for all top 10 currencies. While Bitcoin gained a bit over the altcoins, everything else remains virtually unchanged. Ethereum lost a bit of momentum last week, although the same can be said about most of 2018 so far. Anyone can see that things are not looking great for cryptocurrency right now. At the same time, the current trend will have to improve at some point – or so we all hope.
The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…
The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…
Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…
While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…
As the cryptocurrency market gears up for a bull run, IntelMarkets (INTL) is attracting significant…
In the past, Chainlink (LINK) and Solana (SOL) have been among the most discussed altcoins…