Meme Coins Steal the Show as Bitcoin and Ethereum Trading Slumps

Meme Coins Steal the Show as Bitcoin and Ethereum Trading Slumps

The cryptocurrency market witnesses a decline in trading volume and a total liquidation of $55 million, with Bitcoin and Ethereum leading the pack, while altcoins experience a significant decline in cryptocurrency traders.

In the past two months, the digital currency market has witnessed the boost of Meme Coin coins, marking the beginning of a new era characterized by low liquidity. Prominent digital assets have experienced a total liquidation of approximately $55 Million, with Bitcoin (BTC) and Ethereum (ETH) leading the pack at $15.54 Million and $14.77 Million respectively. Consequently, the rest of the crypto altcoin market informed around $25 Million in liquidation, highlighting a whole lot of decline in digital currency traders.

Declining Trading Volume and BTC’s Support Level

Simultaneously, the decline in digital currency volume of trading aligns with the Bitcoin (BTC) price fall below the critical level of support of $27.5k. The Bitcoin (BTC) bulls are now striving to sustain stability over the weekly 200 MA, drawing attention to the following FOMC meeting minutes scheduled for Wednesday. These minutes are anticipated to provide investors with valuable insights into economic and financial conditions.

5-Year Low: Only 14% of Ethereum on Exchanges, Indicates Bullish Sentiment

Related: Bitcoin (BTC) Price Prediction: Bitcoin Price On The Verge Of 50 percent Drop

Santiment On Cryptocurrency Trading Volumes 

A recent report from the on-chain platform Santiment outlines a substantial decrease in digital currency trading volumes since BTC’s rebound in early March. Interestingly, the highly anticipated Ethereum (ETH) Shanghai Upgrade on April 12 failed to ignite whole lot of volume of trading in the cryptocurrency ecological system owing to concerns over potential regulatory crackdowns in the United States.

A Look At History

Santiment’s report emphasizes that the largest cryptocurrency assets are as of now experiencing historically low levels of weekly volume of trading. In particular, crypto altcoin volume has significantly dried up. And once combining the volume of trading of Bitcoin (BTC) and Ethereum (ETH) alone, this represents the second-lowest threshold observed since September 2019. 

9.3 Million AVAX Tokens Unlocked: Major Increase in Supply Set for Sunday!

Future Outlook: Rebound Around The Corner?

Looking ahead, as BTC’s halving approaches during a year, specialists expect the digital currency market continuation consolidating and trading in sync with the general market outlook. Consequently, cryptocurrency analysts predict a potential shakeout before a rebound, as concerns of an impending fall loom over the Second half of 2023.

Related: Bitcoin (BTC) Bulls Exhausted! Peter Brandt Predicts Substantial Market Shakeup – Coinpedia Fintech News


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