As the cryptocurrency winter deepens without a indication to a revival at the perspective shrinkage has become occurring across the industry. The 2 distinguished signs at the moment are decreasing exchange volumes and a plummet in cryptocurrency related Twitter activity.
Trade volumes across the many chief cryptocurrency exchanges have plunged back in levels not seen since 2019. Down to the research by Diar, exchanges might be set to get in a new plateau as volatility diminishes and markets cool-down. Till now, 2019 may be predominantly quiet as digital asset markets retracted in January.
The research further added that world’s top crypto exchange by reported volume, Binance has seen its most awful period for over a year because the BTC/USD market has actually been slashed by 40 % since December 2019 . Professionals Coinmarketcap.com, the level of Binance is presently at $640 million which is quite inferior for the billions traded relating to the exchange this time last year.
It will be noted that there have been a variety of reports in ’09 of fake volumes on a portion of the chief cryptocurrency exchanges. However, there isn’t a denying that figures have shrunk across the board over the past year.
Furthermore, besides the far-reaching plunge in turn volumes massive decline in digital asset related activity on Twitter. Its to be noted that Twitter has become the standard social bookmarking platform for any industry. Well-known cryptocurrency analyst Murad Mahmudov has observed that Bitcoin-related tweets have considerably declined to levels last 2019. He further added this was a tremendously bearish outlook which backs up claims the fact that cryptocurrency winter is significantly from over.
It should be noted that Murad can make a number of price predictions with recent seeing a plunge to $1,700 for Bitcoin from the middle of the year. Interestingly, this will provide a key level to accrue and also a trend reversal has been predicted with the latter half of 2019 when the bear market final terminates.