By Mark Ackman
In the past few days, the cryptocurrency industry has started showing signs that it is making a significant recovery.
The recent trading sessions for Bitcoin (BTC) have become quite remarkable, as the trading price of BTC has risen above the $20,000 level. This was a psychological level that the investors wanted to cross for a while.
Finally, as the price of Bitcoin has risen above the level and has stayed there for a while, it has managed to consolidate over the particular mark.
It was in June when Bitcoin recorded a huge plummet in its trading value. The trading price of Bitcoin ended up falling to a low of $17,600 and that was in the month of June.
Daily Product Volume is at the Lowest
Although the trading price of Bitcoin has risen above the $20k barrier, it has ended up falling to a record low for the average daily aggregate product volume.
The record low level is not just for a particular digital asset or a particular group of assets. Instead, it is for all digital assets that are classified as investment products.
CryptoCompare Shares a Report
On October 27, CryptoCompare shared a report for the entire cryptocurrency industry and the rest to go through.
The report showed the institutional crypto products’ average daily trading volume. It revealed that the average daily trading volume had suffered a huge demise, falling by 34.1%.
This means that the demise of $61.3 million has been recorded in the month of October. The report confirms that almost every product that is considered an investment asset has recorded a decline.
The decline the assets have seen is within particular ranges and they are from -24.3% to -77.5%.
Daily Trading Decline Remains Intact
It is not just the month of October since the situation has been this way for the daily trade volumes. The situation has been facing a downtrend from the month of November 2021.
It is since the month of November 2021 that the trading volumes of all the cryptocurrency assets have been declining. Only May 2022 can be marked out of the particular check as it recorded strong trading volumes.
The running month has been the worst when it comes to trading volumes. Since September 2022, October 2022 is the second month when the average daily trading volumes have dipped below $100 million.
On the other hand, the trust products have recorded significant surges in assets under management (AUM). In the month of October, the AUM has risen by 1.76% and they have grown by $22.9 billion.
The rise is in the AUM for the trust products and the growth is compared to the month of September.