CoinMarketCap Data Analysis: Crypto Market Trading Volumes Record Highest Activity in Past 10 Months
Cryptocurrency has been going through a crypto winter of sorts, bringing down the profits of individual coins, exchanges, and even mining firms. However, it looks like today is a good day for the industry, as CoinMarketCap is reporting a level not seen in the last 10 months, reaching $33.85 billion.
Experts believe that the increase in trading activity is a positive sign, especially considering that this collective volume includes 2,074 cryptocurrencies. The data found on CoinMarketCap also includes the way that the crypto assets are being purchased and sold around the world at various exchanges.
In the new data, it is possible that there is more happening behind the scenes than just an increase in market activity. According to the data, the majority of the work comes from the 10 largest cryptocurrencies by market cap. From those cryptocurrencies, the total trade volume was $30 billion, accounting for 88% of the trading volume on Tuesday. Both Bitcoin and Tether reached 24-hour trade volumes of over $9 billion, which is 27% each of the volume.
The new increase from investors in the market is hopefully following with this substantial trade volume. However, considering the average increase of 12% across most of the market in the last week should have been an indicator that something good was finally coming.
At the end of the day, the trading volume is only a small part of what happened towards the end of the 2017 bull market. In a single day for the cryptocurrency, the highest trade volume ever recorded was just over $68 billion on January 4th, 2018. This amount is over double what happened yesterday.
Today, trading volumes are seeing another good day on the market today, reaching $29.8 billion just hours ago. Since the week began, the industry is just short of $100 billion in trading volume, which is over 68% of what was traded the week before, which was the former nine-month high recently.