That is, trading volumes as a percentage of market cap in many of the major cryptocurrencies are lower compared with previous months.
The day’s trading volume on centralized and decentralized exchanges taken together was nearly $62 billion and the market cap was just shy of $840 billion, according to data from CoinGecko.
9, 2022, bitcoin changed hands at $44,000, putting market cap at $837 billion.
That the market cap now is just about the same as a year ago drives home the point that the relative volume drop isn’t necessarily a function of price.
Fine, those are the big two in crypto, but surely the same hasn’t happened elsewhere, you may say.
Layer 1s may be the talk of the town these days, but trading volumes on exchanges haven’t kept up with skyrocketing market caps.
As this data includes decentralized exchanges, the drop can’t be attributed all that much to the rise of decentralized finance .
Uniswap, which has the lion’s share of DeFi transactions and market cap for its token, was worth $6.8 billion a year ago and saw its token change hands to the tune of $1.5 billion daily.
Again, these figures are low even by recent standards, but they serve as a reminder that it doesn’t take much to move a market.
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