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As global cryptocurrency markets continue to slide from elusive January highs, it’s becoming increasingly evident that the next “boom” may be further away than many had anticipated. Bitcoin’s price is down nearly 50% from its local January 7 high of US$17,000, and other altcoins have seen average losses of about 60% in that same time frame. While these numbers are not encouraging indicators, what may be even more significant is the change in trading volume between then and now. Days before the January 7 high, the global trading volume of all cryptocurrencies reached a record US$71.6 billion. In the past few days, 24-hour volume has fluctuated around $15 billion. This drop-off represents an almost 80% reduction in trading activity. This massive loss of volume suggests two realities. The first is that active traders, who may have accrued massive profits during the bull market, were shaken out due to significant losses and/or newfound patience. It’s no secret that inexperienced or otherwise unsuccessful day traders can take the biggest hits in turbulent markets, and the volume loss indicates that some of these frequent contributors saw crippling blows to their positions. This, of course, is natural, and while it’s not a generally positive influence on markets, it’s nothing to get too concerned with. The second, much more serious reality is that general interest and conversation about cryptocurrency is down. All the new investors who found out about this great new technology over the holidays are no longer looking to purchase Bitcoin and Ethereum. It’s likely that they, too, have largely been shaken…
Source: Global Cryptocurrency Volume Down 75% from January High
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