Coinbase ranks only the 14th largest exchange by trading volume now, down from the 4th in late 2021, according to Mizuho Securities USA LLC.
Crypto spot and derivatives volumes across exchanges have fallen more than 15% since May to around $4.2 trillion amid the extended market correction, according to data collected by CryptoCompare. It shows that the market has failed to recover from the historical damage done in the second quarter of this year.Crypto trading volumes, closely contingent on the broader market sentiment, dipped over 28% in June to $1.41 trillion, reaching the lowest levels seen since December 2020, Bloomberg.
“Volume has declined given the reduced excitement from investors in a cyclical bear market until crypto prices break out of their bear-market cycle, which could take months, we can expect volume to be below average.” on Thursday that BTC would continue plunging as its average production cost sunk from $24,000 at the beginning of June to $13,000 at its current level.The violent drop in trading volume – as translated to the declined interest in cryptocurrency among investors – has been reflected in the diminished dominance of leading exchanges such as Coinbase.
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