Analyst: Current market trading enthusiasm is significantly lower than the bear market bottom in December 2022
Odaily reported that on-chain analyst Yujin posted on the X platform, stating that current market trading enthusiasm is far lower than even the bottom of the last bear market cycle (December 2022). This is despite the prices of several major mainstream coins still being well above their levels at that time.
BTC: During the last cycle bottom, the average daily trading volume for BTC/USDT on Binance was around $2 billion. Now it is only about $500 million. The current price is 4.5 times higher than that bottom. The correction in the last cycle was -75%, while this cycle has seen a decline of -38% from its peak so far.
ETH: During the last cycle bottom, the average daily trading volume for ETH/USDT was around $400 million. Now it is only about $200 million. The current price is 1.7 times higher than that bottom. The correction in the last cycle was -75%, while this cycle has seen a decline of -54% from its peak so far.
BNB: During the last cycle bottom, the average daily trading volume for BNB/USDT was around $50 million. Now it is at roughly the same level. The current price is 2.7 times higher than that bottom. The correction in the last cycle was -65%, while this cycle has seen a decline of -50% from its peak so far.
