The volume of trading on cryptocurrency trading platforms decreased to a minimum in July, when bitcoin was trading at $30 thousand.
In the third quarter, the volume of trading in cryptocurrencies decreased by 53%, while the lowest user activity was observed in July, a representative of the EXMO cryptocurrency exchange told RBC-Crypto. The Dogecoin (DOGE) trading volume decreased the most – by more than 12 times compared to the second quarter. At the same time, the smallest reduction in trading volumes was recorded in Cosmos (ATOM), Ethereum (ETH) and Cardano (ADA).
The average first deposit of trading platform users increased by 44% in the third quarter. The indicator decreases when the market “comes to life” and more small traders come who purchase cryptocurrency for the first time, the company explained.
In the summer, the activity of traders decreased significantly, which led to a decrease in trading volumes and the number of registrations of new users, said Andrey Podolyan, CEO of the Cryptorg platform. According to him, the activity of traders was recovering against the background of the growth of bitcoin, but in recent weeks it has again decreased slightly.
“This is mainly due to the fact that many active traders trade not only bitcoin, but also altcoins, and alternative coins are not feeling very well right now,” Podolyan said.
In July, a decrease in trading activity was also observed on the CEX crypto exchange.IO, said the technical director of the site Dmitry Volkov. According to him, then the number of active users decreased by 10%, and the trading volume fell by 37%. Already in August, these figures increased by 53% and 76%, respectively, Volkov noted.