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November 29, 2022
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Bitcoin’s daily trading volume drops to its lowest level in 2021

Report Arcane Research revealed that daily Bitcoin trading volume fell to its lowest level in 2021.

Bitcoin activity appears to be slowing down the pace of growth

As BTC price continues to stagnate, the daily trading volume on the leading spot exchanges has dropped to its lowest level in 2021.

Below is a chart that shows how Bitcoin’s daily trading volume has changed over the past year:

The chart above shows that the daily BTC trading volume on the exchanges is currently the same as in mid-December 2020.

Another significant thing on the chart is that the biggest jump happened when the BTC market was most volatile. This makes sense because when the price goes up or down, more people are moving their investments.

At present, the 7-day average of Bitcoin’s daily trading volume is around $ 4 billion.

These data are supported by the fact that the flow rate on all exchanges reached a 9-month minimum.

What could this mean for the price of the cryptocurrency?

There are several possible reasons why Bitcoin activity is slowing down. The most visible of these may be the stagnation in the market.

Over the past few weeks, the coin has stuck between $ 30,000 and $ 35,000. The market is very limited. Investors buy at the support line and sell at the resistance line. Many investors are not interested in buying BTC in such an environment and this has led to low activity on the stock exchanges.

As of this writing, Bitcoin is hovering around $ 34,000. Over the past 7 days, it has dropped by almost 6%. So far, the market shows no signs of recovery from the nearly 50% crash that BTC suffered after renewed bans in China.

Below is a chart showing the trend of cryptocurrencies over the last 6 months:

Bitcoin's daily trading volume drops to its lowest level in 2021 23

Not so long ago, the BTC price dropped below 30,000. dollars, but before the bear market could take hold, the cryptocurrency was pumped back into the 30k zone. dollars and 35 thousand. dollars.

It is not known when Bitcoin will be able to leave this zone, and it is also difficult to say what awaits it in the future. Perhaps a bearish market awaits us. It is also possible that we are dealing with another bull market.

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