Isn’t the bear market over? The Bitcoin price is up 80% since the start of the year, but the cryptocurrency sector doesn’t seem to be out of the woods yet. While the Bitcoin price is currently stabilizing at around $30,000, and the Ethereum price remains above $1,900, there are signs that the bear market is still with us. Bitcoin has succeeded in attracting investment funds such as Blackrock, Fidelity and Invesco, but demand is not yet as strong as it was in 2021.
Fall in the number of pairs available on exchanges
To find out about the cryptocurrency trendssome will use thetechnical analysisothers fromon-chain analysis. While these analyses are interesting, sometimes other types of charts can tell us a lot about the market situation. According to data from The Block, the quantity of pairs available on exchanges is falling :
When demand is present, the exchange platform has every interest in offer the widest possible choice of pairs to keep traders happy. This was the case during the last bullrun, where the number of pairs available on the exchanges increased every month.. From the end of 2021, the number of pairs available on exchange platforms has clearly begun to decline. plateau.
In 2022, the Bitcoin price fell by almost 70 %and investors deserted. For exchanges, the demand is less and less presentand we have to get rid of certain pairs that don’t do enough business. volume. It is clear that the number of pairs available on exchanges is fallingeven though the Bitcoin is on the rise in 2023. In monthly terms on the Binance platform, the number of pairs has fallen from 1 420 in January, at 1 380 in July. Binance US had 337 pairs available in June, and offers just 184 pairs in July. Binance is not the only exchange to experience a drop in available pairs, as dother exchange platforms such as Coinbase and Kraken have also been affected..
>> 10% discount on your trading fees? Register with Binance (commercial link) <<
Volumes fall at exchange level
The volume observed daily on exchange can also give an indication of the market trend. A increase in volumes on the exchanges may testify to a growth in demand as was the case during the bullrun in 2021:
Since the marked top in the Bitcoin price at the end of 2021, the daily volumes on exchanges continue to fall. It will take a return to a trend with rising highs and lows for theinterest returns to cryptocurrencies. However, it is possible that the fall in volumes is in the process of slowing down. Indeed, since January, volumes have not marked a new low.
The Bitcoin price is back in the black in 2023, but the traces of the bear market are still present. The number of pairs available on exchanges such as Binance and Coinbase continues to fall. Daily volumes on exchange platforms are also still relatively low. For the time being, we can say that demand is still not present in the cryptocurrency sector. However, there are some hopeful charts, such as the number of unique addresses created in July on the Bitcoin network, which marks a new high.
The time for regulation has come, and with it the time for uncertainty. Don’t wait any longer to prepare for the future.Register now on the Binance platformand save 10% on your trading fees by following this link (commercial link).