- ‘There are two ways one can look at crypto’s 2.5-year low level of the trading volume,’ says Santiment.
- As utility is limited with less order book activity, the long-term bull run potential in the market is low.
- BTC and ETH both saw increases in their 24-hour trading volumes.
The market intelligence firm known as Santiment took to Twitter on January 8 to share some insights about crypto trading volumes reaching a new low. According to the post, there are two ways one can look at crypto’s 2.5-year low level of the trading volume.
People can first look at this situation through an optimistic lens as less resistance and sell walls could lead to whales being able to pump price more easily.
On the other hand, as utility is limited with less order book activity, the long-term bull run potential in the market is far less.
This post from Santiment was made yesterday, and since then, things in the market are looking very different. Data from CoinMarketCap indicates that the total crypto market volume currently stands at $32.93 billion after a 98.43% increase over the last day.
The chart provided by Santiment compared a variety of cryptos like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Polkadot (DOT), Polygon (MATIC), and Litecoin (LTC).
The two biggest cryptos in the market, BTC and ETH, both saw increases in their 24-hour trading volumes. BTC’s trading volume is up by more than 77% to now stand at $13,587,532,264, while ETH’s trading volume saw a more than 110% increase and now stands at $5,566,087,604.
The 24-hour trading volumes for SOL, DOGE, DOT, MATIC, and LTC are all up by 376.41%, 133.94%, 139.42%, 150.01%, and 131.96% respectively over the last day.
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