With such a large trading volume, it’s clear the bull market is on the horizon, so why aren’t prices rising? This is particularly perplexing for low-quality coins. The transaction value on DBS Digital Exchange tripled year-on-year in the first five months of this year, and assets under custody increased by more than 80%.

DBS Bank recently reported that the value of digital payment token transactions on its digital exchange saw significant growth in the first five months of 2024. According to DBS, the value (in Singapore dollars) of digital payment tokens traded on DBS Digital Exchange (Ddex) nearly tripled compared to the same period in 2023. The number of trading customers increased by 36%, while digital assets under DBS custody (in Singapore dollars) surged by more than 80%.

DBS attributed this remarkable growth to an influx of deposits from customers seeking a secure, bank-grade platform for trading and custody of digital assets. Meanwhile, the total cryptocurrency market capitalization rose by approximately 50% during the same period.

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