NFT Volume Down 93% Since January, Is This The Beginning Of The End?
NFT trading volume had seen a wild uptick back in the bull runs of 2021. By the start of 2022, the market had begun to reach its peak as interest blossomed. However, after hitting an all-time high in January of 2022, the volume had begun to dwindle. The following months would see lower values and […]
Related News
The beginning of the week, on January 25, 2016 Bitcoin price was at the level of $397. On Tuesday, January 26, 2016 due to dropping oil prices we have seen another decline in Asian stock markets, but it had no effect on Bitcoin. Until January 28 Bitcoin was trading at around $400. On January 27 the Federal Reserve released its decision to leave interest rates unchanged, which led to the strengthening of the US Dollar in foreign exchange markets, putting pressure on the price of Bitcoin. BTC price dropped to $382. Continuing the decline, on January 29, 2016 Bitcoin dropped to $366, but....
Despite the fact that major Chinese exchanges have seen their bitcoin volumes take a hit after introducing trading fees, these bourses still stand out as some of the top marketplaces when ranked by volume, according to market data. OKCoin, BTCC and Huobi experienced significant declines in trading volume after they began charging fees, beginning on 24th January. The decision to charge these fees built upon their earlier move to eliminate margin trading – two developments which thus far have had a clear impact on the market. The shift came amid scrutiny from Chinese regulators, including....
On January 23, Ethereum overtook Litecoin for the first time to become the third-largest digital currency when looking at total coin market cap. This is after a two-week period where the Ethereum market cap has grown by more than 80 percent. The price of Ethereum is on an equally steep upward trend, growing more than 300 percent since the beginning of January; 24-hour volume has grown from around $300,000 to upwards of $10 million. This is in comparison to the average daily Litecoin trading volume of $1 million and is up to a quarter of the daily trading volume of Bitcoin, which is $39.5....
Bitcoin trading volume continued to slide on 26th January, as market sentiment showed signs it has yet to fully brush off the impact of new policies at major China-based exchanges. Overall trading volume has declined substantially in the days since OKCoin, BTCC and Huobi began charging trading fees on 24th January, and there are signs that these exchanges are acknowledging what could be a continued issue. Xu Qing, a spokesperson for Huobi, noted how these developments are impacting his exchange, telling CoinDesk: "The trading volume started plunging since we started charging trading....
During the same period, the number of wallets owning NFTs has increased by about 2.8 million. According to data compiled from Dune Analytics, the weekly trading volume of nonfungible tokens, or NFTs, across the blockchain realm has plunged to $114.4 million.This represents a decrease of 98% from the $6.2 billion witnessed around the end of January. Weekly NFT trading volume rose to an all-time high of $146.3 billion in early April before falling off a sharp cliff in May with the start of an ongoing crypto bear market. At the same time, however, the number of wallets owning at least one NFT....