The world’s largest cryptocurrency exchange in terms of number of users Coinbase, It shows that the interest in the market has dropped seriously.
Coinbase saw one of the lowest trading volumes in recent times in February, which is known to mean interest is waning. Other exchanges may be experiencing the fate of Coinbase.
Coinbase cryptocurrency exchange is only in the second month of this year. $93 billion reached commercial volume.
Although $ 93 billion seems like a huge volume for a cryptocurrency exchange, the trade volume data for January 2022 is much higher. Coinbase in the first month of the year 124 billion dollars reached commercial volume, which is 25% more than in February 2022.
Why Has Coinbase’s Volume Dropped?
This decrease in trading volume that Coinbase has experienced in the last two months is also seen in other small-scale exchanges.
Despite this, looking at the annual chart, it is seen that the stock market reached a trade volume of 128 billion dollars in February 2021. This means that there is a decrease of 27% on an annual basis.
So why exactly did Coinbase’s volume drop so drastically? The fact that Coinbase supports very few altcoins may not be enough for investors in the growing crypto money industry. Having listed less than 150 cryptocurrencies, Coinbase is far behind competitors like Binance.
In addition, there is a general decrease in volume in the cryptocurrency sector. It is important to indicate that we are in a bear period when the volume of the stock markets drops sharply.