Boom of volumes on crypto exchanges
The post Boom of volumes on crypto exchanges appeared on BitcoinEthereumNews.com.
In the month of December, the total volumes on crypto exchanges reached 1.1 trillion dollars. It was a level that hadn’t been seen since September 2022, as since then the total monthly volumes had never risen above one trillion. Monthly volumes on crypto exchanges These data are published by The Block, and the graph highlights how the previous monthly peak in 2023 before December was in March, with less than 950 billion dollars. The highest monthly peak ever recorded was in May 2021, when altcoins reached new highs driven, among other things, by Elon Musk’s participation in Saturday Night Live, which caused the price of Dogecoin to skyrocket. At that time, they were even higher than 4 trillion, while in November of the same year, when the all-time high value of the price of Bitcoin was recorded, they had already dropped to just over 2.5 trillion dollars. Excluding, however, the great bull run of 2021, even in May 2022, when the crypto ecosystem Terra/Luna collapsed, the total monthly trading volumes on crypto exchanges exceeded $1.3 trillion. However, already the following month they fell below one trillion, and since then only in September 2022 did they return above this level, but only for one month. The recent boom So the 1.1 trillion in December 2023 is not only higher than all the monthly volumes in 2023, but we have to go back to May 2022 to see higher volumes. Furthermore, from this point of view, last month was quite similar to May 2022, clearly indicating that the crypto winter is over. For example, in December 2020, when the last major bull run started, it was not more than 700 billion, although the following month it had already exceeded 1.5 trillion. Throughout the history of crypto markets, there have been only 19…
Filed under: News - @ January 3, 2024 4:28 pm