The last two days has seen a sharp increase in the price of $BTC. For the first time in nearly a month, $BTC is trading at over $18,000, and it even went above $19,000 for a short period of time at around 9pm UTC yesterday. Encouraged by the bullish sign, the trading market becomes more active.
According to TokenInsight data, the 24 hours global trading volume of crypto market is $223.39 billion, a 31.97% change in the last 24 hours. Major exchanges, including Binance, OKX, KuCoin, Bybit and Gate.io, have achieved around a 30% increase in 24 hours trading volume.
As shown below, the five exchanges all recorded their highest daily trading volumes in the last two months on January 12th (0:00 January 12th to 0:00 January 13th, UTC). The last time they had higher daily trading volume was the day before FTX filed for bankruptcy. With the 24 hour trading volume going up, we expect the daily volume of today to be still at a high level.
There is reason to believe that the surge was brought by the jump in the $BTC price. Taking Binance as an example, in both spot markets and perpetuals markets, $BTC is the most traded asset. $ETH, which also enjoyed a price increase yesterday, accounted for a relatively large percentage of trading volume as well. Situations at other exchanges are similar, with $BTC and $ETH being traded the most.
It's too early to say the bear market is over, as there's a massive number of layoffs ongoing. Still, it's good to spot the positive signs. It's worth noting that, Coinbase and Huobi, despite having announced plans to cut jobs recently, are not affected in terms of trading volume. The only exception is Crypto.com, which only has a 12.7% increase in 24 hours trading volume. It could be because the exchange just announced the layoffs today.
Exchanges
Bitcoin
