Market Wrap: Bitcoin Dips to $8.8K but Optimism Seen Continuing Ahead of Halving
After a flurry of trading late last week, bitcoin dipped on lower volume.
Daily trading volume on Uniswap surged by over 1,200% to a record $2.04 billion, surpassing the previous record high of $953.59 million registered on Sept. 1 by a big margin.
Bitcoin is experiencing high volumes, pushing the price close to $11,000. Meanwhile, Ethereum fees are up 550% this year.
In the latest CoinDesk 20 revision, five assets were replaced by crypto assets that saw recent quarterly volume surges.
On a relatively new exchange like the Antigua-based FTX, the order book depth, as represented by the number of buy and sell orders at each price, now matches the depth seen on industry leader BitMEX.
Lower bitcoin spot volumes and flatter-than-usual price action doesn’t mean crypto traders have zero opportunities to capitalize.