The crypto market continued its downward trend in December with Bitcoin and Ethereum falling 3.68% and 7.72% to $16,531 and $1,195, respectively. This decline in price has coincided with falling trading activity across both spot and derivatives markets, exacerbated by the holiday period in December.
- Spot volume declined significantly in December to levels not seen since 2019.
- Total spot trading volumes decreased 48.4% to $544bn. Top-Tier spot volumes decreased 47.2% to $504bn, whilst Lower-Tier spot volumes decreased 59.7% to $40.2bn.
- Top-Tier exchanges now represent 92.6% of total spot volume based on CryptoCompare’s October 2022 Exchange Benchmark Ranking.