Crypto Markets In A “Resting Phase”- Crypto Analyst Mati Greenspan

Mati greenspan

The crypto markets have been particularly sluggish lately owing to a lack of substantial trading activities. However, a crypto market analysis shared by Mati Greenspan, senior analyst at cryptocurrency trading platform eToro, indicates positivity for the future of crypto markets.

Incredibly Low Volumes Traded On Top 10 Exchanges

Highlighting the pros and cons of the situation, Greenspan noted that all the crypto exchanges within the top 10 ranks traded a total of less than $200 million in bitcoins in 24 hours. This amounts to about a 95% decline in trading volumes when compared with periods of relatively high trading activities experienced just a few months back.

Also including volumes traded on futures platforms in the analysis, it was seen that exactly 6 BTC had been traded on Bakkt at the time of the analysis, a decline from the 61 BTC traded on the platform about 3 weeks ago while CME, which was faring a lot better than Bakkt, had a volume of 9,295 BTC. About 30,000 BTC were being traded on CME about a month ago. Volumes on BitMEX also sank considerably.

Apart from trading volumes on crypto exchanges, last week’s stats from Localbitcoins also showed very low peer-to-peer bitcoin trades. According to data from Coin Dance, an estimated $41.4 million in Bitcoins was traded during the week.

Bitcoin Blockchain Shows Considerably Low Transaction Volumes

Amid falling bitcoin trading volumes across the crypto ecosystem, the bitcoin blockchain itself took the brunt of the force with a huge drop in transaction volumes. As Mati Greenspan noted, the hash rates were constant at 320,000 transactions per second but the amount sent was less than $800 million, which represents the lowest figure since May, 2019.

Mati further noted that Bitcoin miners are consistently showing confidence in the network. Coingape had earlier reported that though the price of bitcoin has sustained in September, the network hash rates were increasing steadily which further proves that the level of mining activities remains firm.

Do you think that the community’s interest in Bitcoin is declining, or is this just a passing phase out of which Bitcoin will emerge victoriously? Share your views with us in the comments below!

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