The combined trading volume of all digital currencies has not been lower for months, falling below $10 billion yesterday.
Except for a brief period on April the 7th, yesterday’s global volumes have not been seen since November when these levels were first reached.
They have slightly recovered today to just above $10 billion, but bitcoin’s trading volume is a rare $3 billion during the past 24 hours.
Ethereum has not seen a proper bull run of its own since March 2017, so their trading volumes of $1 billion are a slightly more common sight.
We can’t recall, however, the last time we’ve seen bitcoin’s trading volumes so low. Even on April the 7th its trading volumes were higher at $3.8 billion.
Crypto prices have fallen so much Tether is now nearly in top ten. Tron used to be $14 billion once, now reduced to $2 billion. Bitcoin saw $300 billion, while Ripple once was above bitcoin’s current market cap.
Ethereum, the most promising invention since bitcoin, has effectively seen no price change since last year. It was in the $400s, it is in the $400s.
Litecoin was on $4 last year. It once reached nearly $400 if we recall correctly. Then its founder sold all of his litecoins. Still, it stays at nearly $100.
While Bitcoin Cash rose above $3,000. That makes it above ethereum’s current market cap, but since ethereum has barely moved it actually overtook its market cap at the time too.
EOS is the outlier. Its current market cap is near the highest it has ever been following a period of some spring frenzy that then gave way to a clownshow.
Despair is in the air. A bear market may last for months, some say. Bitcoin to $10 trillion in weeks not months now no one says. Pretty poster boys and their crazy parties no longer on the gutter press.
Red gore was given way from green bull euphoria. The impatient ones may now pray for some paint drying sideways again, but whether this has more to go remains to be seen.
What we can caution however is that it is here when those that made their money last year lose them, and it is here when some bulls turn into bears, just potentially in time for the turning of the market which they’ll never believe.
We are not in any way suggesting the market is ripe for turning. It would probably need some sideways first so that we can know it has stopped going down.
What we are suggesting is that emotions can make the present feel permanent, when the fleeting present fleets away.
But how long this will last is anyone’s guess, yet perhaps the first sign it may be about to turn is when we all stop talking about the price.