The volume of trading in crypto is still below the average

The beginning of the new week starts on reduced volumes for crypto-currencies after a calm weekend. Last weekend, the main crypto markets held at current levels, for bitcoin this is area around $8,350, for ethereum this is a round mark in the region of $500.

In addition to some small digital currencies, most of the major cryptos, such as Bitcoin or Ethereum, recorded a slight decline in value in the middle of the European session on Monday.

Bitcoin price fell from $8,345 to $8,100, slightly more than 1 percent. Over the past 24 hours, daily trading volume for bitcoin amounted to 4.5 billion dollars, which is three times more than the ethereum.

However, an interesting situation is emerging today in the Ethereum market. Ethereum lost second place in terms of trading volumes to digital currency Tether. In fact, Tether is a cryptocurrency that hedges other currencies and the value of USD dollar. When risk-off trade mode is observed in the cryptocurrency market, and major cryptocurrencies decline, most players do not transfer into dollars or other fiat currencies, but move into Tether. Thus, on Monday, the volume of trading Tether amounted to 1.4 billion dollars.

Tether is a kind of indicator that should be taken into account when assessing the state of the digital market. Often the anomalously high daily trading volume of Tether means instability in the crypto-currency market and an increase in the number of players who temporarily withdraw from digital assets and hedge their risks in that currency.

A few days ago, CCN news agency quoted the words of Binance CEO, who said that trading volumes were gradually returning to most digital exchanges. Nevertheless, compared with the beginning of March, when the bitcoin price reached a local maximum in the region of $ 11,700, the volume of bitcoin trades and other basic crypts, such as Ethereum, remain rather low.

FortFS