Cyrpto Exchange Volumes Drop To Lowest Monthly Level Since 2020

According to the latest reports, the crypto exchange volumes dropped to the lowest monthly level since 2020. Check out more reports about this below.

The cryptocurrency market has been experiencing a period of inactivity, resulting in one of the least active months in digital asset trading in recent years.

According to reports, cryptocurrency exchange volumes for the month of May are expected to reach their lowest levels since October 2020. Spot volumes across major trading platforms have only reached just under $424 billion.

According to data from The Block’s dashboard, the monthly volumes in May 2022 and May 2021 were $1.4 trillion and $4.25 trillion, respectively. It’s quite a difference from the current numbers.

The slow pace of trading in digital assets has been extensively reported, with the reason being the withdrawal of major trading companies from the market and a move towards decentralized trading platforms.

“Volatility is another factor, institutional trading venue LMAX said in a newsletter on Wednesday, noting that its own volumes had “cooled off.”

“Volatility has been trending lower in correction mode after peaking out at a yearly high in March,” the exchange said as per The Block.

“We’re looking at average daily ranges in bitcoin and ether of $818 and $57 respectively.”

Benjamin Cowen, a cryptocurrency strategist, is sharing his thoughts on the future performance of Ethereum (ETH) compared to Bitcoin (BTC).

Cowen, in his latest YouTube video, informs his 783,000 subscribers that Bitcoin’s market dominance chart (BTC.D) is showing a strong upward trend, indicating that a significant portion of the total cryptocurrency market capitalization belongs to BTC.

The crypto analyst has observed that the Ethereum versus Bitcoin (ETH/BTC) chart seems to be moving in the opposite direction.

“To me, this just looks one higher low after another for Bitcoin dominance.

And for Ether/Bitcoin, it just looks like one lower high after another, right? Just one lower high after another.”