A recent report published by Kaiko, the institution which is famous for providing crypto market data worldwide has revealed some interesting facts about the current trends in crypto trading.
The Kaiko offers data connectivity on 100 centralized and decentralized crypto exchanges. It helps in reducing the gap between traditional and crypto management. Additionally, Kaiko helps in minimizing the potential that can arise in the future due to some policy errors.
According to the report released by Kaiko, the United States dollar usage dipped from 69% to 47%. The hegemony of the United States dollar declined in the centralized crypto exchanges (CEX). In the same report data about trade increase and cryptocurrency, performance was also mentioned.
After the collapse of FTX, it’s the first instance when crypto trading is on the surge. Most of the trading is dominated by bitcoin trade. In the last seven days, crypto trading saw a very sharp increase in the crypto industry. On March 14, the trade volumes of the top 18 most liquid cryptocurrencies went up to $51 billion.
The collapse of banks in the United States reversed the scenarios and boosted the trade of cryptocurrency last week. However, the report also mentioned that liquidity remains very thin during this period.
In the United States, the three crypto-friendly bank collapses caused a reversal in the crypto trading sector. After the Silvergate bank shutdown, market depth for the 2% BTC-USD and BTC-USDT pairs fell to 10-month lows. This is lower than what it was at the time of FTX collapse.
Bitcoin and Ethereum are currently surging in crypto trading, bitcoin outperformed all other competitors in the market currently. It has gained 31% as compared to 18% of Ethereum.
The rise of bitcoin amid the banking sector turmoil shows the resilience of the currency against the crisis. It is becoming a preferred choice of investment currently for many crypto investors. Many people assume that this surge was caused because more people started looking towards bitcoin after the collapse of banks in the United States. However, it will be interesting to see the upcoming trends in crypto as it is taking a reversal trend again.
