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Trading Volume on Exchanges Plunges in July, Wu Blockchain Report Shows

Trading volume for crypto exchanges dropped in July as less number of people used exchange platforms in the month.

The post Trading Volume on Exchanges Plunges in July, Wu Blockchain Report Shows appeared first on BeInCrypto.

Trading volume for crypto exchanges dropped in July as less number of people used exchange platforms in the month.

According to Wu Blockchain report, spot trading volume declined by 1.7% month over month. However, not all exchanges experienced a decrease in trading volume.

The decline in trading volume came mostly from LBank which saw an over 50% decline, Huobi by 31.3%, and Gate by 31.2%. Others like KuCoin Crypto.com, and Bitfinex saw their volume drop by 25% respectively too.

On the other hand, some exchanges saw a massive increase in their spot trading volume in July. The likes of Binance US saw a 76.7% increase in their trading volume, OKX by 30%, and Phemex by 227.4%. Other exchanges whose numbers rose include Bitmart with 18% and Binance with 9.3%.

Uniswap saw its own trading volume decline also.

Meanwhile, CoinShares also reported that daily trading volume for the last week of July was $1.3 billion, which is far below the average of $2.4 billion for the year.

Derivatives Trading Drop by 5%

Additionally, derivatives trading volume across exchanges also fell by 5.2% in July. Exchanges that recorded the most decreases were Deribit with a 28.6% decline, Crypto.com saw a 25% drop, and FTX with an 11.7% decline. Others like ByBit, BitMEX, and Binance saw around a 5% decline respectively.

However, others such as Okex and Huobi saw slight increases of 5.5% and 1.9%.

Exchanges Web Traffic Decline

The decline in trading activity is further reflected in the 10% monthly decline in exchange website traffic last month.

The web traffic declines mostly affected FTX with 33.2%, Huobi dropped by 23.3%, and OKX with 21.7%. Others like Bitfinex, UpBit, Gate, Kraken, and Coinbase lost over 15% of their traffic too.

Few exchanges managed to increase their web traffic during the month. The top gainers include MEXC which saw a 27.7% increase, Bitget’s traffic rose 14.3% and Bitmart by 15.4%.

Wu noted that the data might not be completely accurate due to the likelihood of click farming and bots.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

The post Trading Volume on Exchanges Plunges in July, Wu Blockchain Report Shows appeared first on BeInCrypto.

Source: Markets – BeInCrypto

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Nearly $13 Billion in Sales: Breaking Down 5 NFT Collections by Sales Volume 

Nearly  Billion in Sales: Breaking Down 5 NFT Collections by Sales Volume Non-fungible token (NFT) assets have existed since at least 2014, but interest in them began to rise in January 2021, according to Google Trends data. Approximately one year later, the search term “NFT” reached its highest score on Google Trends. During that time the top five NFT collections, in terms of all-time sales volume, have […]

Nearly  Billion in Sales: Breaking Down 5 NFT Collections by Sales Volume 

Non-fungible token (NFT) assets have existed since at least 2014, but interest in them began to rise in January 2021, according to Google Trends data. Approximately one year later, the search term “NFT” reached its highest score on Google Trends. During that time the top five NFT collections, in terms of all-time sales volume, have collectively accrued $12.7 billion in sales volume.

5 Non-Fungible Token Projects Capture $12.7 Billion in Sales

Two years ago, the search query “NFT” first appeared on Google Trends (GT), reaching a score of 1 out of 100 in the first month of 2021. Before that time, GT data shows little to no interest in NFTs, despite their existence since 2014. A year later, NFTs were quite popular and the search query reached a score of 100 as searches for the term skyrocketed. Another year later, interest in NFTs has decreased significantly, with the search query reaching a score of 11 out of 100 during the week of January 22-28, 2023.

As January 2023 ends, metrics indicate that the top five NFT collections by all-time sales volume have recorded a total of $12.7 billion in sales volume since they began receiving significant attention. According to data from dappradar.com, the leader in NFT sales volume over the last two years is Axie Infinity, which has amassed $4.27 billion in sales volume. On January 28, 2023, dappradar.com reports that Axie Infinity’s market capitalization was $1.37 million. The website explains that “market capitalization is equal to the floor price multiplied by the collection total supply.”

Cryptopunks follows Axie Infinity in overall sales volume, having accumulated $3.02 billion in all-time sales volume. Its current market valuation is larger than Axie’s market capitalization, at $1.04 billion. According to data, 7,503 traders have traded Cryptopunks NFTs in 23,259 sales. Next in the top collections is Bored Ape Yacht Club (BAYC), with $2.39 billion in all-time sales volume. BAYC has recorded 31,225 sales among 15,176 traders. Its current market capitalization is slightly lower than Cryptopunk’s, at $1.02 billion.

The fourth largest NFT collection in terms of all-time sales is Mutant Ape Yacht Club, with $1.66 billion. Mutant Ape Yacht Club (MAYC) has an overall market capitalization of around $427 million, and 47,744 sales have been recorded among 30,475 MAYC traders. The fifth-largest NFT collection in terms of all-time sales is Artblocks, with $1.36 billion in global sales volume. Its current market capitalization is around $143 million, and the project has seen 227,294 sales recorded among 54,842 traders. While all five NFT collections have amassed $12.7 billion in sales volume, their collective value is around $2.619 billion.

What do you think about the five NFT projects that have collectively recorded $12.7 billion in all-time sales? Let us know your thoughts about this subject in the comments section below.

Source: Markets and Prices Archives – Bitcoin News

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