Price prospects for Bitcoin and Ethereum, since the volume dries up

• In the middle of price struggles, on-chain indicators show that the Bitcoin and Ethereum volumes are dried up.
• The BTC trade volume has dropped from over $ 40 billion to just over $ 11.4 billion, while the ETH trading volume has decreased from almost $ 20 billion to around $ 4.6 billion.
• The Bitcoin price is near $ 26,800, while the Ethereum Prize is currently just over $ 1,820.

The cryptocurrency market continues to fight with the negative development of the past few months. It is a scenario in which the Bitcoin and Ethereum prices have not been able to recapture important technical areas after a lack of dynamics in the past few weeks.

New on-chain data confirm these price movements based on the commercial volume for both coins. The data show that the old coin volume is really "dried up".

dried up the BTC and ETH volume, since the prices fight

According to the on-chain data of Santiment, the combined commercial volumes of BTC and ETH are currently at the lowest level in over a year. The on-chain analysis platform also finds that the crypto-mega caps have recorded the second lowest number of volume for almost four years.

" The greatest assets in #krypto have a historically low weekly trade volume. Above all, the #altcoin volume has really dried out. If we only combine the volume of $ BTC and $ ETH, this is the second lowest threshold that we have seen since September 2019." found the platform.

📉 The greatest assets in #krypto weekly trading volume. #altcoin The volume is really dry. When combining simply $ btc & $ ETH Volume, that is the second lowest threshold that we have seen since September 2019. https://t.co/1v2tpno7jd pic.twitter.com/tegitbduen

- santiment (@santimentfeed) 22. May 2023

If you look at the latest data that Santiment published today, the 7-day average trade volume of Bitcoin has dropped from over $ 40 billion in February to just over $ 11.4 billion in May. The decline took place when the BTC Prize fell from its previous maximum of over $ 31,000-the price for Bitcoin is currently around $ 26,800.

As far as Ethereum is concerned, the 7-day average trading volume of the Proof-of-Stake network has dropped from almost $ 20 billion in April to just over $ 4.6 billion in May. As with Bitcoin, Ethereum's trading volume decreased last month, since the hype reduced the Shapella upgrade and fell the prices of over $ 2,100.

ETH/USD is currently being traded at around $ 1,820, an increase of about 1.2 % in the last 24 hours, but a minus in the last 30 days of almost 3 %.

The fact that the trading volume with Bitcoin and Ether decreases could be a signal that investors are increasingly careful in view of the increasing market uncertainty. This outlook is still exacerbated by the general nervousness of risky assets, since inflation, interest rates and the US debt limit contribute to the indecisiveness.