The price fluctuations of bitcoin (BTC) and Ether (ETH), the two most valuable cryptocurrencies by market capitalization, have been unfavorable this year. For example, this year, Bitcoin opened at $47,370 but has now dropped to $38,945 at the date of publication. When it comes to Ether, the picture is similar, if not worse, since the ether token began trading at $3,730 on January 1st but is now traded at $2.580.
Although both leading cryptocurrencies have witnessed short retakes over $40,000 and $3,000, the year 2022 already appears to be unfavorable. The trade volumes for both main cryptocurrencies have suffered as a result of this gloomy atmosphere.
Trading Volume Increased By 150 Times In A Year
According to statistics given by crypto experts Santiment, there have been significant shifts in trading interest over the last year. Terra’s LUNA and Solana’s SOL tokens, have unquestionably positioned themselves among the top ten market cap assets with strong trading volume. However, this appears to have come at the price of bitcoin and Ethereum trading volumes.
There have been substantial fluctuations in trading interest over the previous year, according to figures provided by crypto experts Santiment. Terra’s LUNA and Solana’s SOL tokens have clearly placed themselves among the top 10 market capitalization assets with substantial trading volume, but at the expense of bitcoin and ether trade volumes.
Terra’s LUNA token has been subjected to similar behavior. The LUNA token was trading around $16 a year ago, with a daily trading volume of just over $1 billion and a total market cap of just over $1 billion, giving it a rank of roughly 25. The LUNA cryptocurrency is currently trading at $92.3, not distant from its all-time high of just over $103 reached last week. Moreover, the LUNA token has climbed to number 7 in terms of market capitalization in the last year, with a daily trading volume of $2.8 billion.
Trading Volume Of Bitcoin Dropped By A Third
Meanwhile, bitcoin and Ethereum trade volumes have declined over the last year. And this is a big deal. Bitcoin’s value was $60,000 one year ago, with a daily trading volume of $60.25 billion. Since then, the trading volume has dropped to roughly $21 billion, after spiking at over $126 billion in mid-May of last year. That’s about a third of what it was a year ago and only 17% of what it was at its high in May of last year.
The volume of trading of Ether was $24.5 billion one year ago and is now about $10.5 billion every day. Ether reached a high of $84.5 billion in trading volume in mid-May last year. As a result, Ether’s trading volume is now less than half of what it was a year earlier and only 12% of what it was in mid-May.
The conclusion appears that the market’s attention, as measured by trade activity, is focused on possible trading profits. Even the largest tokens attract less attention during weak markets, but tokens with smaller market caps attract attention by having higher growth potential as prices rise.
