The altcoin market is cooling off quite rapidly now, with the trading volume on mainstream exchanges directly halved. Binance barely managed to hold on to 7.7 billion, and the total across the network is only about 18.8 billion USD.
This trading volume looks quite shabby, a typical case of liquidity drying up. On-chain data shows that the big players have noticeably calmed down recently; either they are waiting and observing, or they are playing dead in their cold wallets. This kind of shrinking market is the most frustrating; the market is as fragile as a cookie, and even a slight selling pressure can create a deep pit. The current market has no volatility or excitement, basically entering a stage where old investors are just harvesting each other. Is the operator holding back a big move to wash the market, or do people really have no money to invest anymore?
Is everyone busy trying to break even now, or have they already uninstalled the software and stopped looking? #Altcoins #CryptoMarket #TradingVolume $BTC $ETH
