Cryptocurrency liquidity reached its lowest level in 2018
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Answer Cryptocurrency liquidity reached its lowest level in 2018
Global cryptocurrency trading volumes reached their lowest levels for 2018, and returned to their levels in November 2017.
Global trading volumes fell to $8.5 billion on October 26, and remained at the same levels until last Saturday. Bitcoin and the majority of major cryptocurrencies were still stable at that time, which is a stark contrast to previous cases when global trading volumes fell to their lowest levels.
Bitcoin price against the dollar (BTC/USD)
One of the most unexpected periods in Bitcoin history continues this week, as Bitcoin continues within its narrowest range ever recorded.
Bitcoin opened trading seven days ago at $6,472 and as of Saturday evening is still trading at $6,471 – just down one dollar.Read:Is the Bitcoin correction over? Why did bitcoin reserves drop in exchanges?
The monthly numbers look pretty much the same at this point, ruling out a major price peak caused by the sudden drop in the price of the digital dollar earlier in October. Quarterly numbers for bitcoin are still below a three-month high of $8,230 – the last peak before the plunge in late July and early August.
Developments for Bitcoin, or rather, digital currencies are still coming, despite the market calm. Recently, Japanese regulators suggested that the cryptocurrency could regulate itself. While a Chinese court recently ruled that there is nothing illegal about digital commerce transactions, it went so far as to say that they are protected by law.
At this point, there are plenty of reasons to believe in the number one digital currency, the least of which is its stubborn refusal to dip below the $6,000 level for over a year now (or roughly $5,800 allowing for volatility).
Even for skeptics who believe there’s another drop soon, there’s reason, too, to be exhilarating. Even if the price of BTC drops by 10% in the coming weeks, it will settle directly at the previously mentioned value of $5,800.Read:Some NFT projects are planning to move from Solana to alternative blockchains
Ethereum price against the dollar (ETH/USD)
Ethereum developments have been few and far between in recent months. Since the decision on Ethereum Improvement Protocols (EIP’s) via a hard fork known as “Constantinople” was made in September, it’s been a waiting game.
Just like Bitcoin, there has been a tight range recently for ETH price to move in, the current price is approaching $200 levels which is the same price the coin opened last week. While the monthly high at $218 is just over 5%.Read:Another giant institution joins the crypto arena and buys $15 million worth of Bitcoin
However, the quarterly (quarterly) numbers are where we see how much Ethereum has fallen in recent months. Back in late July, ETH was worth $470, which means that the value of the second largest cryptocurrency has fallen by twice the price of Bitcoin.
Among the rest of the major altcoins, the biggest losers are all the new winners, including Stellar, Cardano, Bitcoin Cash, Litecoin and Tron.
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