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Crypto

Crypto Market Boredom Continues As Volumes Drop Lower

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows the trading volumes across the top cryptos have remained low recently, showing how disinterested the traders are.

All The Top Assets In Crypto Sector Have Seen Lowering Volumes Recently

According to data from the on-chain analytics firm Santiment, volumes in the crypto market have taken a hit recently. The “trading volume” here refers to a measure of the total amount of a given asset that the holders are moving on the blockchain right now.

When the value of this metric rises, it means that a large number of tokens of the crypto in question is seeing movement currently. Such a trend implies that traders are actively participating in the market right now.

On the other hand, low values can be a sign that the investors are disinterested in the coin at the moment, as the market isn’t observing much activity currently.

Now, here is a chart that shows the trend in the trading volume for some of the largest assets by market cap in the crypto sector:

Crypto Trading Volume

Looks like the value of the metric seems to have been going down for all of the coins | Source: Santiment on X

As displayed in the above graph, the trading volume for these top cryptos has been in a general state of decline during the past week or so. This naturally means that activity related to these coins on their respective networks is dwindling.

Related Reading: Dogecoin Vs. Bitcoin: Co-Founder Labels BTC Maximalists As ‘Insecure Losers’

This drawdown in the indicator has come for these coins as the market as a whole has been facing stagnation. Bitcoin, for example, has been stuck in the range between the $29,000 and $30,000 marks for quite a while now.

The volatility of the asset has been so low that its Bollinger bands have compressed to rare historical lows that have only been surpassed by the tight ranges of September 2016 and January 2023, as the lead on-chain analyst at Glassnode has pointed out in a recent post on X.

Bitcoin Crypto Volatility

The BTC price has been moving in a tight consolidation range for a while now | Source: @_Checkmatey_ on X

Amid this low volatility environment, it’s not all too surprising to see the trading volume going down. The reason behind it is that investors find such price action to be boring, so they stop paying attention to the market.

Related Reading: Pro-Bitcoin Candidate Javier Milei Wins Primary Election In Argentina

Like a self-fulfilling prophecy, these low volumes then in turn lead to more stale price action, as any moves that the crypto attempts to make fail before long as they run out of fuel.

Out of these top assets, only Solana has registered some positive volatility as it has gone up by 6% in the past week. SOL’s volume, though, hasn’t seen any significant improvement yet.

“As individual projects continue to have brief decouplings, watch to see when one may be associated with ascending trading volume to support it,” suggests Santiment.

BTC Price

At the time of writing, Bitcoin is trading around $29,400, up 1% in the last week.

Bitcoin Price Chart

The value of the cryptocurrency hasn't been moving much recently | Source: BTCUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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