Bitcoin…. Reasons for a 40% Drop in Trading Volume in two Months

According to Upbit, a domestic cryptocurrency exchange on the 13th, the amount of transactions in the KRW market in Bitcoin decreased from 500,000,240 in January to 290,855 in last month. It has shrunk by 40.6% between two months.

Bithumb, another cryptocurrency exchange, also saw a decrease of 40.1% in the bitcoin won market volume from 33,1272 units in January this year to 190,6530 units last month.

Bitcoin’s transaction volume increased with the increase in price last year, but this year it has turned to a decline. During the same period, the bitcoin won market trading volume decreased from 13,410 to 8,435 for Kobit, and from 10,505 to 10,28 for GoPax.

The exchange industry sees that the volume of transactions decreased as the volatility of bitcoin decreased. It is analyzed that as the price of bitcoin stabilized, it became difficult to expect a high return through investment, so it moved to’altcoin’ with high volatility. Altcoin refers to cryptocurrencies other than Bitcoin.

An exchange official said, “In January and February, there was a lot of bitcoin transactions due to the wide range of fluctuations for 24 hours. It seems to have moved,” he said.

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