Cryptocurrency market appears to be in bad health as volumes tank by 60%

Cryptocurrency traded volumes are seeing a steep decline across the board. Legitimate trading volume was $55 billion in August; down from $111 billion in June.

Looking at Binance and Coinbase, exchanges with the largest market share in terms of volume, the trend is only worsening. The average daily volume on both Binance and Coinbase is now at a six-month low after dropping by 60% since peaking in June.

Binance

Coinbase

Conclusion

Based on the dropping volume, the market does not appear to be in good shape. Spot traded volume has historically served as the strongest gauge of interest in cryptocurrencies. While the interest currently appears to be decreasing, the prices are still holding steady, which is unprecedented to say the least. The price of bitcoin still hangs around $10,000 with ether at around $200.