CryptoCompare data has revealed that daily crypto transaction volumes fell sharply in December 2022. On November 8, the global crypto trade volumes peaked at around $115.33 billion. This number dropped to $22.95 billion on January 1, 2023.
The November spike coincided with FTX’s insolvency and increasing daily transaction volumes. Compared to October 2022’s $543.67 billion, November 2022’s volume grew about 23.79% to $673.01 billion, as per the data from The Block’s crypto exchange volume index. Meanwhile, the total volume in December 2022 amounted to about $357.48 billion, a drop of 46.88%.
It must be noted that on Sunday, the stablecoins fueled 71.63 % of all trades. Although the total value of all stablecoins is approximately $16.44 billion at the time of writing, Tether (USDT) represents $12.45 billion in transaction volume. Similarly, on December 15, the global trading volume was $54.78 billion, most of which was in stablecoins.
The last time global crypto trade volumes were this low was in December 2020. However, back then, the worldwide crypto transaction volumes were higher by 7.27%, totaling $385.51 billion. According to market watchers, low trading volume indicates wanin …
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Source: Cryptocurrency - investing.com
