The digital currency market has been in turmoil over the past month as bitcoin is down by 15.43% and ethereum by 17.49% against the US Dollar. Furthermore, crypto spot volume is down 18.95% compared to a month ago, and both futures and options volumes were down in April as well. Below average trade volumes usually suggest that overall interest has declined, and investors are waiting for lower prices.
April’s crypto market spot volume slips close to 19% over the previous month
The crypto economy ended in the red in the month of April, as most digital assets suffered losses during the past few weeks. At the time of writing, all ten top crypto assets are down significantly as they have lost between 10.39% to 31.43% during the past 30 days. The metrics further indicate that April’s cryptocurrency exchange volume declined by 18.95% compared to March.
As of May 1, 2022, Bitcoin is down 15.43%, Ethereum 17.49%, BNB 10.39%, Solana 31.43% and XRP 25.27% down in the past 30 days. Data from the past 30 days indicates that Terra is down by 27.66%, Cardano is down 31.39%, but Dogecoin is down only 3.46% in the last month.
The figures show that during the month of March, in terms of total crypto spot market volume, $739.4 billion in trading volume was recorded. April’s spot volume was $599.22 billion, according to Block’s Valid Index and Crypto Comparison Metrics.
30 Days Crypto Derivatives Volume Slide, DEX Volume Slip, NFT Sales Up 64%
The same can be said for the crypto derivatives markets as data indicates that April saw $1.06 trillion in bitcoin futures volume, compared to $1.32 trillion recorded in March. In terms of bitcoin futures open interest, the April figures are even lower than those during the last 30 days.
Today, there is $14.58 billion in futures open interest, and a month ago there was $16.59 billion in bitcoin futures open interest. Bitcoin options volumes from Deribit, CME, Okex, Bit.com, Ledgerx, FTX, and Huobi were lower in April than in the previous month. In March, there was $20.77 billion in bitcoin options volume, while April’s bitcoin options volume was seen at $15.81 billion.
Furthermore, a recent DeFi report covered by Bitcoin.com News shows that decentralized exchange (DX) trading volume in April was 21% lower than in March. DEX trade volume was $117 billion in March, while DEX trade volume was recorded at $92.18 billion in April.
On the other hand, the sale of non-fungible tokens (NFTs) saw an increase of 39.25% during the past seven days, leading to a 64.44% increase in NFT sales last month. Moonbirds was the best-selling NFT collection last month with $49.2 million in global sales.
What do you think about the action of the crypto market during the last 30 days? Let us know what you think about this topic in the comment section below.
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