Cryptocurrency total trading volumes are now around $47 billion in 24 hours, breaking below the 50 billion mark a few days ago. In the past three months, trading has diminished gradually, down from a peak above $110 billion.
Bitcoin (BTC) has decreased its activity by 60%, but altcoins are also showing stagnating activity. Here are the five reasons for recording lower trading volumes:
BTC Hogging All Activity: As both new and older altcoins failed to achieve the expected returns, attention turned to BTC. The leading coin, along with Tether (USDT), took up most of the volumes. BTC also achieved significant returns from its lows in January, while giving indications that a rally could happen at any moment. BTC stagnated around $10,000, but the funds did not flow back into altcoins, as investors were worried about steep losses.
Tether (USDT) Pairs Dominate: USDT ...