The cryptocurrency market is experiencing a slowdown in trading activity, as Bitcoin’s recent consolidation around the $90,000 mark leads to a decline in liquidations and a drop in trading volumes on centralized exchanges (CEX).
Binance, the world’s largest crypto exchange by trading volume, saw a notable 15.2% decrease in its daily trading volume, dropping to $26.6 billion, according to CoinGecko. The exchange, which supports 385 tokens and 1,260 trading pairs, has felt the effects of Bitcoin’s price stabilization.
Bybit, another major CEX based in Dubai, recorded a 14.6% drop in trading volume, falling to $5.7 billion. Although Bybit lists more tokens than Binance—512 crypto assets—it has fewer trading pairs (630). Similarly, Seychelles-based OKX, ranked third among CEX platforms, witnessed an 18% decrease in trading volume, now at $4.6 billion.
The decline in CEX trading volume is mirrored by a 4% drop in decentralized exchange (DEX) activity, which fell to $9 billion across all platforms, according to CoinGecko. Bitcoin’s consolidation near the $90,000 mark has created a market-wide cooldown, with several leading cryptocurrencies, including Ethereum, BNB, and Toncoin, entering the overbought zone. This trend is typical, as both short-term and long-term investors look to take profits in favorable market conditions.
Liquidations across the crypto market have also cooled off, dropping from $869 million on November 12 to just $231 million in the past 24 hours, according to Coinglass. Bitcoin led the liquidation figures, with $37.3 million in liquidations—$24.7 million in long positions and $12.6 million in shorts.
As liquidations decrease, total open interest in the crypto market has risen by 1.5%, reaching $104 billion, indicating potential for higher market volatility. Bitcoin’s price movements could play a significant role in influencing the broader market, given its dominant 56.2% market share. Investors are keeping a close eye on whether Bitcoin will continue its momentum, potentially sparking new volatility across the cryptocurrency landscape.
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