Despite a 5% increase to $871 billion since January 1 and a decline of more than 57% from this time last year, the total market capitalization of all cryptocurrencies remains low.
Although it is restricted to a small range between $16,500 and $17,300, the price of bitcoin has increased by 4.3% since the beginning of 2023.
According to Refinitiv Eikon data, the world’s largest cryptocurrency is eerily quiet, with its 7-day volatility falling to levels not seen since October 2018.
CryptoCompare data showed that cryptocurrency spot trading volumes are still relatively low despite falling by about 48% in December over the previous month to $544 billion, their lowest level since December 2019.
While lower trading volumes are typical at the beginning of the year, a “general exodus” of active retail users has contributed to the crypto market’s apathy.