As we enter the final days of 2024, there is a significant decline in trading volumes in the crypto market.
According to Santiment’s data, trading volume has decreased by 64 percent in the last week compared to the previous week. This decline came after a busy week in which Bitcoin reached an all-time high.
Stagnation in Altcoins
The decline in trading volume has become more pronounced in speculative altcoins, especially AI/Big Data, Layer-1 and Layer-2 projects, and meme coins. Volume has fallen to a 7-week low in many altcoin sectors.
Santiment says this is not surprising. It is common for trading volume to decrease during this period, when investors focus on their personal finances due to the year-end holidays. The last week of December is usually one of the lowest trading volumes of any year.
Whales' Tendency to Accumulate
Despite the low volume, the accumulation trend among large investors (whales) continues. The strong accumulation trend of whales could trigger an unexpected uptrend during this period when individual investors are away from the market. Santiment says that large price movements are more likely during such periods when individual investors' attention is reduced.
Stay tuned