The volume of trading on crypto exchanges is 80% lower this year, and analytics mark a significant decrease of people using decentralized apps (DApps).
Cryptocurrencies Are Waning
About half of the crypto market volume accounts for 5 top cryptocurrencies: Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin, making over $12 billion rotate within it. One third of the sum accounts for Bitcoin and one tenth – for Ether. Consulting agency Diar confirms that all altcoins’ prices depend on Bitcoin’s fluctuations.
According to the study, since the beginning of the year the trading volume on Coinbase dropped as much as 83%, and 73% on Bitstamp.
In May, Coinbase has acquired trading platform Paradex in an effort to dominate the crypto market. According to specialists, traders’ weakening interest is exactly what prompted the exchange to do what it did.
Further, this summer Bitcoin’s volatility has plunged to the minimum point – the last time it was as low as now had occurred 14 months ago. Compared to the last fall, the number of Bitcoins decreased by 87%, and reduction of transactions in the Bitcoin network confirms it.