The cryptocurrency market has dropped by about US$5 billion over the past 24 hours, from US$282 billion to US$277 billion. Most major cryptocurrencies including
bitcoin have declined by 1 to 3%, but did not demonstrate any major movement on both the upside or downside.
Bitcoin and
Ethereum outperformed the top 10 cryptocurrencies with a slight loss of around 0.8%, while
Ripple,
Bitcoin Cash,
EOS, and
Cardano experienced losses in the 2.5% range.
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Cryptocurrency volumes have dipped to a two-month low, with levels resembling those seen earlier this year during April’s downtrend. But what does this mean for the market in general?
As of today, exchange volumes have collectively dropped under US$10 billion dollars, with these low levels not experienced since early April.
The collective exchange volume is currently down over 80% since the large influx seen in early January, which topped out at an astounding US$68 billion in 24 hours. Back then, Bitcoin bull
Tom Lee, co-founder of
Fundstrat Global, called this immense amount of volume an ‘abnormal’ figure, believing that January’s volume should be of no comparison to today’s volume.
Nevertheless, trading volume present with a specific asset, or asset-class, has long been held as a strong indicator of the market’s interest in an asset.
With some critics keeping this ideology in mind, they’ve suggested that investors are losing interest in the industry, and quick too. Despite these fears, cryptocurrency and blockchain development is still at all-time highs, with countless institutions piling on to the cryptocurrency bandwagon.