The bearish outlook of the crypto market in 2022 has impacted TRON’s trading volume negatively in the first quarter of 2022.
TRON (TRX) continues to recover from the bearish trend of the market that has led to a steep decline in investor interest in cryptocurrencies. According to Be[In]Crypto Research, TRX trading volume during the first quarter of the year was approximately $91.57 billion.
This was a 50% decline in the trading volume recorded between January and March of 2021 of around $186.45 billion.
Fall in TRON trading volume the result of a prolonged bear market
The negative crypto market sentiment that has affected more than 95% of cryptocurrencies has led to a decline in TRON trading volume.
Tether (USDT) and Binance USD (BUSD) were the most-traded stablecoin pairs for TRON’s native TRX asset in the first quarter of 2022.
When digital currencies are paired against stablecoins, it is a sign of investors avoiding large percentage losses on their crypto holdings.
To understand the differences in investor interest across the first quarters of 2021 and 2022, you should consider the following.
In January 2021, TRX trading volume was in the region of $47.45 billion with a single-day high of $4.82 billion. In January 2022, TRON’s trading volume was approximately $34.54 billion and had a single-day high of $1.85 billion.
In February 2021, TRX’s trading volume was around $69.73 billion with a single-day high of $4.20 billion. In February 2022, TRON’s trading volume was $28.02 billion and had a single-day high of $1.43 billion.
In March 2021, TRX’s trading volume was approximately $69.27 billion with a single-day high of $11.94 billion. In March 2022, TRON’s trading volume was in the region of $29.02 billion and had a single-day high of $2.06 billion.
Price reaction
TRX opened on Jan. 1, 2022, with a trading price of $0.0754, reached a quarterly high of $0.0793 on March 31, and closed the first quarter of the year at $0.07388. Overall, there was a 2% decrease between TRX’s opening and closing price in Q1 2022.
For the sake of comparison, TRX opened on Jan. 1, 2021, with a trading price of $0.02683, reached a quarterly high of $0.09679, and closed the first quarter of 2021 at $0.09231. Overall, there was a 244% increase between TRX’s opening and closing price in Q1 2021.
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Disclaimer
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