BTC/USDT vs. ETH/USDT 1-day chart. Source: TradingView
Weak exchange volumes
further evidence for the declining interest in cryptocurrencies can be found when looking at the full exchange deal volumes on major exchanges. According to data from Blockchain.com, this metric was at $ 165.8 billion on April 19, its lowest level since October 2020 .Total exchange traded volume in USD. Source: Blockchain growth in the decentralized finance ( DeFi ) sector and decentralized exchanges ( DEXes ) has besides been on the decline, according to data from Dune Analytics .Monthly DEX volume by project. Source: Dune Analytics As shown on the chart above, the volume on DEXes is presently below the come traded in January 2021 when the bull run was just getting started and the DeFi sector as a whole was breaking out.
Related: Coinbase announces beta of NFT marketplace with social engagement
NFTs heat up
The one source of hope across the cryptocurrency ecosystem can be seen in the nonfungible nominal ( NFT ) sector, which has begun to see an addition in the daily deal volumes at OpenSea, the largest NFT marketplace, after bottoming out in early March, according to data from Dune Analytics .Daily volume on OpenSea. Source: Dune Analytcis As activity in the NFT markets begins to rise, so excessively have the floor prices of some of the top projects, suggesting that the momentum for the NFT sector is building. This could be due, in part, to the attention that projects like Bored Ape Yacht Club and its recently released ApeCoin ( APE ) have been getting in the mainstream press.
It remains to be seen if the ballyhoo and speculation being generated in the NFT marketplace can broaden into increase inflows to the cryptocurrency ecosystem as a whole or if the nascent sector is destined to flame out like the ICO boom / break bicycle in 2017–2018. On the mainstream borrowing front, it appears as though crypto investors are still looking for that killer whale DApp or use lawsuit that will kick off the adjacent round of widespread inflow to the market. The views and opinions expressed here are entirely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investing and trade motion involves risk, you should conduct your own research when making a decisiveness .