Trading volume on cryptocurrency trading platforms declined to a low in July when Bitcoin traded at $ 30K.
Cryptocurrency trading volumes dropped 53% in the third quarter, with the lowest user activity observed in July, a representative from EXMO cryptocurrency exchange told topplabs.org. Dogecoin (DOGE) trading volume declined the most – more than 12 times compared to the second quarter. At the same time, the smallest reduction in trading volumes was recorded for Cosmos (ATOM), Ethereum (ETH) and Cardano (ADA).
The average first deposit of marketplace users in the third quarter increased by 44%. The indicator decreases when the market "comes to life" and more small traders come who purchase cryptocurrency for the first time, the company explained.
In the summer, the activity of traders significantly decreased, which led to a decrease in trading volumes and the number of registrations of new users, said Andrey Podolyan, CEO of the Cryptorg platform. According to him, the activity of traders was recovering against the background of the growth of bitcoin, but in recent weeks it has slightly decreased again.
“This is mainly due to the fact that many active traders trade not only bitcoin, but also altcoins, and alternative coins are not doing very well now,” said Podolyan.
In July, a decrease in trading activity was also observed on the CEX.IO crypto exchange, said the technical director of the site Dmitry Volkov. According to him, then the number of active users decreased by 10%, and the trading volume fell by 37%. Already in August, these indicators increased by 53% and 76%, respectively, Volkov said.
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