Analyst: Current market trading enthusiasm is much lower than the bottom of the bear market in December 2022

Odaily reported that on-chain analyst Yujin posted on Platform X, stating that current market trading enthusiasm is now much lower than it was at the bottom of the last bear market (December 2022). This is despite the fact that prices of several major cryptocurrencies are still far higher than they were at that time.

BTC: At the last cycle bottom, the average daily trading volume for BTC/USDT on Binance was around $20 billion. Now it is only about $5 billion. The current price is 4.5 times higher than the previous bottom. The correction magnitude last cycle was -75%, while from the peak to now in this cycle, it is -38%.

ETH: At the last cycle bottom, the average daily trading volume for ETH/USDT was around $4 billion. Now it is only about $2 billion. The current price is 1.7 times higher than the previous bottom. The correction magnitude last cycle was -75%, while from the peak to now in this cycle, it is -54%.

BNB: At the last cycle bottom, the average daily trading volume for BNB/USDT was around $50 million. Now it is roughly at the same level. The current price is 2.7 times higher than the previous bottom. The correction magnitude last cycle was -65%, while from the peak to now in this cycle, it is -50%.