DWF Labs said spot trading volume plummeted by 50%! Matrixport: Altcoin rally in doubt

Matrixport and crypto market maker DWF Labs both pointed out the sudden drop in market trading volume on April 1. The former believed that the rise of altcoins may be hindered.

Matrixport: Trading volumes fall to early March levels

Matrixport pointed out on the official Telegram channel that crypto market trading volume began to surge around the beginning of March, which was a frenzy caused by traders’ expectations for Dencun upgrades and L2 transaction fee reductions.

In addition, certain political developments have also become one of the market speculation factors, and the trading volume of altcoins is rising day by day. However, as market trading volume dropped significantly and fell back to the level of early March, Matrixport believes that the sustainability of the rise in altcoins is seriously doubtful.

DWF Labs: Spot trading volume nearly halved

Andrei Grachev, co-founder of DWF Labs, also tweeted on April 1: Although the market value of cryptocurrency is slowly rising (monthly increase of +16%), spot trading volume has dropped by -44%. Overall, it seems like there are more and more cryptocurrencies floating around, being traded among holders who are waiting for some event (halving?) that should bring huge volatility.

At the time of writing, Bitcoin fell below $70,000 (69,521), and Ethereum also fell to $3,539.