Analyst: Crypto volume now weaker than at 2022 bear market bottom

Current cryptocurrency market trading volume has contracted to levels below the 2022 bear market bottom, according to on-chain analyst EmberCN. The analyst noted that while major cryptocurrency prices remain well above their December 2022 lows, trading volume has fallen sharply. For Bitcoin, the average daily trading volume for the BTC/USDT pair on Binance has dropped from approximately $2 billion in December 2022 to around $500 million. Although Bitcoin's price is about 4.5 times higher than it was at the 2022 low, its trading volume is just one-fourth of that level. Ethereum's average daily trading volume has also halved from $400 million to $200 million over the same period. EmberCN suggested that if the magnitude of the previous cycle's decline were applied to the current market, this cycle's bottom could be around $31,000 for Bitcoin and $1,150 for Ethereum.