Digital currency markets have been tumultuous over the past month as Bitcoin lost 15.43% and Ethereum lost 17.49% against the US Dollar. Additionally, crypto spot volumes are down 18.95% from the previous month, and both futures and options volumes were also down in April. Below-average trading volumes usually indicate that overall interest has waned, and investors may be waiting on the sidelines for lower prices.
Crypto market spot volumes in April are almost 19% lower than last month
The crypto economy ended April in the red as most digital assets suffered losses over the past few weeks. At the time of writing, all ten top crypto assets are down significantly, losing between 10.39% and 31.43% over the past 30 days. The metrics also indicate that the volume of cryptocurrency exchanges in April was 18.95% lower than in March.
May 2022 Bitcoin lost 15.43%, Ethereum 17.49%, BNB 10.39%, Solana 31.43% and XRP 25.27% in the last 30 days. Trailing 30-day data shows that Terra is down 27.66%, Cardano is down 31.39%, but Dogecoin is down just 3.46% over the past month.
Statistics show that March saw a trading volume of $739.4 billion as measured by the total crypto spot market volume. Cash volume in April was $599.22 billion according to metrics from Block’s Legitimate Index and Crypto Compare.
Crypto derivatives 30-day volume slide, Dex volume slide, NFT sales up 64%
The same can be said for the crypto derivatives markets, as data suggests that April saw $1.06 trillion in bitcoin futures volume, while March saw $1.32 trillion. April stats regarding bitcoin futures open interest are also lower over the past 30 days.
Today there is $14.58 billion in open interest for futures, and a month ago there was $16.59 billion in open interest for bitcoin futures. Deribit, CME, Okex, Bit.com, Ledgerx, FTX and Huobi bitcoin options volume in April was lower than in the previous month. In March, bitcoin options volume was $20.77 billion, while in April, bitcoin options volume was $15.81 billion.
Additionally, the latest Defi report from Bitcoin.com News indicates that trading volume on decentralized exchanges (Dex) was 21% lower in April than in March. In March, Dex trading volume was $117 billion, while April Dex trading volume was $92.18 billion.
Non-fungible token (NFT) sales, on the other hand, recorded a 39.25% increase over the past seven days, which boosted NFT sales by 64.44% over the last month. Moonbirds was the best-selling NFT collection last month with worldwide sales of $492 million.
What are your thoughts on the crypto market action over the past 30 days? Let us know what you think about this topic in the comment section below.
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