Due to the bearish trend of the market, Ethereum (ETH) trading volume in the first quarter of 2022 was less than that of the first quarter of 2021.
Ethereum continues to trade below $4,000, as of April 2022 due to a wider recovery of the crypto finance market.
According to Be[In]Crypto Research, investor interest in the second-largest digital asset by market capitalization tumbled in the 1st quarter of 2022.
The trading volume recorded for Ethereum during the first quarter of the year was around $1.34 trillion.
This was a 54% drop in the trading volume recorded between January and March 2021 in the region of $2.94 trillion.
Ethereum decline follows wider crypto market
Decreased investor interest which was reflected in the trading of ETH for United States Dollar Tether (USDT) to avoid high percentage losses can be credited for the descending trading volume.
In January 2021, the trading volume of Ethereum was $1.18 trillion with a single-day high of around $60 billion. In January 2022, the trading volume of Ethereum was $491 billion and had a single-day high of approximately $28 billion.
In February 2021, the trading volume of Ethereum was $1 trillion with a single-day high in the region of $52 billion. In February 2022, the trading volume of Ethereum was $416 billion and had a single-day high of around $29 billion.
And in March 2021, the trading volume of Ethereum was $761 billion with a single-day high of approximately $31 billion. In March 2022, the trading volume of Ethereum was $436 billion and had a single-day high in the region of $20 billion.
How has the decline in volume affected ETH in the first quarter of 2022?
ETH opened on Jan. 1, 2022, with a trading price of $3,683.05, reached a quarterly high of $3,876.79 on Jan. 4, and closed the first quarter of the year at $3,281.64. Overall, there was a 10% drop between Ethereum’s opening and closing price of Q1 2022.
For the sake of comparison, ETH opened on Jan. 1, 2021, with a trading price of $737.71, reached a quarterly high of $2,036.29 on Feb.20, and closed the first quarter of 2021 at $1,918.36. Overall, there was a 160% increase between the opening and closing price of Q1 2021.
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