Monthly trading volume on cryptocurrency exchanges is already at a new all-time high (ATH) despite having a week to go in April. The Block reports on April 24 that a new record of $ 1,300 billion has been reached:
The previous trade volume record was reached in February. It is now the third consecutive month that the total trading volume of bitcoin (BTC) and altcoin exchanges has exceeded $ 1 trillion.
The past week has been a turbulent time for the mother of all cryptocurrencies. Bitcoin established another new ATH on April 14 at $ 64,800, the day of Coinbase’s (COIN) IPO. Since then, the bitcoin price has gone through two severe corrections, causing the price to drop by 20% and has now been below $ 50,000 for several days.
The declining bitcoin price also dragged most altcoin prices with it. We see that tokens like Aave (AAVE), Filecoin (FIL) and Litecoin (LTC) have fallen by 25% last week. Stellar (XLM), Elrond (EGLD), Enjin (ENJ), Harmony (ONE) are down nearly 30% and XRP (XRP), SushiSwap (SUSHI), Holo (HOT), The Graph (GRT), Tezos (XTZ) , ICON (ICX), Chiliz (CHZ) even 35%. Nano (NANO) has lost almost 50% of its value this week, while Solana (SOL) is 70% in the plus.
The total market capitalization of the crypto market has also fallen by about 20% in the past week. It was still at a record $ 2.3 trillion on April 16, dipping below $ 1.8 trillion today. Concerns about new tax laws in the US are reportedly the reason for the most recent dip. Several analysts report that we have seen these kinds of corrections in the market more often and do not immediately mean the end of a bull market.