Digital currency markets have been tumultuous during the past month as bitcoin shed 15.43% and ethereum dropped 17.49% against the U.S. dollar. Moreover, crypto spot volumes are down 18.95% lower than the month prior, and both futures and options volumes were down in April as well. Lower than average trade volumes typically suggest overall interest has declined, and investors may be waiting on the sidelines for lower prices.
April Crypto Market Spot Volumes Fall Nearly 19% From Last Month
The crypto-economy ended April in the red, with most digital assets suffering losses in recent weeks. At the time of writing, the top ten crypto assets are down significantly, as they have lost between 10.39% and 31.43% in the last 30 days. The metrics further indicate that April cryptocurrency trading volumes fell 18.95% from March.
As of May 1, 2022, bitcoin lost 15.43%, ethereum dropped 17.49%, BNB slipped by 10.39%, solana slid 31.43%, and XRP lost 25.27% over the last 30 days. Trailing 30 day data indicates that terra is under 27.66%, cardano
dropped 31.39%, but dogecoin only shed 3.46% this past month.
Statistics show that during the month of March, a trading volume of $739.4 billion was recorded, in terms of overall crypto spot market volume. April spot volume, as measured by Block’s Legitimate Index and Crypto Compare, was $599.22 billion.
30 Day Crypto Derivatives Volume Slide, Dex Volumes Slip, NFT Sales Increased by 64%
The same can be said for crypto derivatives markets as data indicates April saw $1.06 trillion in bitcoin futures volume, while $1.32 trillion was recorded in March. April’s statistics, in terms of bitcoin futures open interest, are lower during the past 30 days as well.
Today there is $14.58 billion in open interest in Bitcoin futures, and a month ago there was $16.59 billion in open interest in Bitcoin futures. Bitcoin options volume from Deribit, CME, Okex, Bit.com, Ledgerx, FTX and Huobi was lower in April than the previous month. In March, bitcoin options volume was $20.77 billion, while bitcoin options volume in April was $15.81 billion.
Furthermore, the recent defi report covered by Bitcoin.com News indicates that April’s decentralized exchange (dex) trade volumes were 21% less than in March. In March dex trade volume was $117 billion, while April’s dex trade volume recorded $92.18 billion.
Sales of non-fungible tokens (NFTs), on the other hand, saw an increase of 39.25% over the past seven days, pushing NFT sales over the past month up by 64.44%. Moonbirds was the top-selling NFT collection last month with $492 million in worldwide sales.
