Recently, the price movement in the crypto sphere has caused indecisions amongst investors and traders, owing to the current consolidation and sideways movement in the market. As a result of this, most of the altcoins are in a range-bound, waiting for the next significant move to shape the actual direction of the market for future trading.
Considering Bitcoin, which has been the primary drivers of the whole market scenario over the past months, is currently indecisive as the price struggles between the $10000 – $10200 key levels. However, a price break is most likely to happen when trading holds in a tight range.
By the way, BTC dominance is still pretty above 70% with over $15 billion trading volume under 24-hours. While some altcoins are currently losing value, the leading currency is up by 0.79% at the moment. Although the recent volatility has shown a heavy shrink in trading volumes as Bitcoin’s price roams averagely at $10330.
According to a tweet by SKEW earlier today, cryptocurrency exchanges like Binance have recorded about $170 million BTC Futures Volumes in the last 24-hours, Deribit $230 million, CoinFlex $330 million, bitFlyer $860 million and Bitmex $2.52 billion – which remains the highest volume so far.
While Bitfinex exchange is yet to record a significant amount, CryptoFacilities has managed to hold $50 million worth of BTC – making it the lowest volume based on SKEW statistics.
Looks like a strong start for Binance futures – $170mln trading in last 24h with max leverage 20x pic.twitter.com/qlkt8XE4vS
— skew (@skew_markets) September 13, 2019
From a technical standpoint, the cryptocurrency exchanges holding the least amount of volume has a great potential than the highest in future trading. The outward flow of liquidity from the most top holders will flow inwardly to the lowest. From the Reinventing Capital Market (SKEW) opinion: Binance futures is considered a strong start with max leverage 20x.
Another reason for this effect is that investors and traders are possibly lodging liquidity on Bitmex for stability and security purposes due to current BTC conditions and most especially for FOMO and FUD reasons. Regardless of the scenario, the next couple of days trading will play out the actual BTC futures volume for each of these exchanges as charted by the crypto analyst.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.