Binance already dominates the exchange market landscape and its acquisition of FTX will further this divide,” David Darocas of CryptoCompare.
Still, the token is down 55% this year and has largely been hovering aroundfor weeks. Others say the selling is not over yet, with digital-assets researcher CryptoCompare pointing to historical data as proof the market could see further declines.
Past suggests price poised to fall even more: CryptoCompare.
CryptoCompare points out that volumes haven’t deflated as much as they had in the rout that started in 2017, when they dropped more than 60% from peak to trough.
Market participation has also dwindled, with the average daily trading volume of digital asset products falling to $61.3 million as of Oct. 25, far from the daily volumes of around $700 million seen last November, CryptoCompare data shows.
Ether, the second largest, has failed to rally since its environmental overhaul in September. Average annualised volatility for bitcoin is now the lowest since October 2020, according to analytics platform CryptoCompare.
Trading volumes between bitcoin and the pound jumped 233% in September overall from the month before, according to data from research firm CryptoCompare, while trading between the cryptocurrency and a similarly battered euro also jumped 68%.
Data from CryptoCompare suggest that, since 2019, a total of 68 crypto exchanges have been shut down across the globe.
Recent data published by analytics platform CryptoCompare show momentum is yet to turn round as it prepares to announce third-quarter earnings on November 3. Additional data from CryptoCompare show that monthly spot trading volume for Binance, FTX and OKX increased during the same period.
During the bull market of 2021, there was plenty of money, attention, and liquidity for new and existing projects,” Jacob Joseph, a research analyst at researcher CryptoCompare, said in an interview.
CryptoCompare, a data provider, unveiled a new group of staking yield indexes with blockchain infrastructure platform Blockdaemon.
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