While Bitcoin price flourished this year, gaining 74% since January, the broad cryptocurrency market remains deteriorated compared to 2022. Coinbase published its second-quarter earnings on Thursday, revealing plunged volumes.

The exchange had its consumer and institutional transaction volumes dipping by 70% and 54%, respectively, YoY during the quarter. Coinbase stated that decreased overall crypto market capitalization contributed to its unwelcoming numbers.

Crypto market cap hovered at $2.26 trillion on April 2022. Nonetheless, downside price actions in most digital tokens pinned the figure below $1 trillion early this year. The metric swayed at $1.16 trillion as at August 7.

Also, most cryptocurrencies have exhibited low volatility, flashing minor fluctuations. That indicates fewer profitable opportunities for dip buyers.

Analysts forecast continued bearishness for the cryptocurrency market, predicting Bitcoin dumping due to possible ETF regulatory challenges, inflation worries, and oil market rallies.