Centralized exchanges flourish in Q1’23: TokenInsights data reveals crypto winter may be thawing Samuel Wan · 3 hours ago · 3 min read Crypto exchange metrics reveal an improvement on the previous quarter — indicating a growing confidence as crypto winter begins to thaw.3 min read Updated: April 28, 2023 at 1:06 pm Cover art/illustration via CryptoSlate Research firm TokenInsight released its Q1 Crypto Exchange Report — showing centralized platforms had a buoyant start to 2023.The report stated that, during the quarter, the total crypto market cap had grown from $831.8 billion to $1.24 trillion — a nearly 50% increase.Bitcoin (BTC) jumped almost 100% from $16,000 to a $30,000 high during the period.With that, TokenInsight suggested that crypto winter may be thawing — recommending readers use exchange metrics to help make up their minds.“With the price of Bitcoin rising from $16,000 at the beginning of the year to a high of $30,000, it looks like winter is over for the Crypto industry.
But when will the bull market actually arrive? Perhaps the most intuitive answer comes from the data on the exchanges.” Crypto Trading Volume Q1 2023 total trading volume for the top 15 crypto exchanges showed a 40% increase to $10.8 billion versus the prior quarter.
The period around March 14-15 saw the most significant increases in daily volume — as the price of Bitcoin recovered from the banking crisis fallout — likely driven by realizations of fiat fragility and the demand for harder assets.
Binance maintained its dominance throughout the quarter, taking more than half the market share at 55%.However, TokenInsight pointed out that in Q4 2022, Binance held a 60% market share — suggesting recent regulatory enforcement actions and rumors of insolvency have had an impact.Other exchange metrics Spot volume for the top 10 crypto exchanges increased by 16% over the prior quarter to $2.4 trillion.However, this is still down versus Q3 and Q2 2022 — which were $2.6 trillion and $2.8 trillion, respectively.The same pattern is repeated with derivatives volume, with Q1 2023 showing a 30% increase on the prior quarter to $7.8 trillion.But still down compared to Q3 2022 at $8.4 trillion and Q2 2022 at $10 trillion.
Exchange tokens Given the spate of centralized finance (CeFi) bankruptcies in 2022, exchange tokens had garnered a bad reputation.
Case in point, FTX’s FTT token was used to prop up the exchange’s balance sheet — enabling the firm to borrow against the token.This worked well until panic selling tanked the value of FTT, meaning FTT collateralized loans lost their backing and became worthless.Nonetheless, the chart below shows a return in confidence in exchange tokens.TokenInsight found all but UNUS SED LEO, and Huobi Token saw price appreciation — with the Bitget Token experiencing 120% growth during the period to outperform Bitcoin.GateToken placed second, approximately matching Bitcoin’s growth, at a 72% increase in value during the quarter — the other exchange tokens underperformed versus the market leader.Leave a Reply [Cancel reply](/exchanges/centralized-exchanges-flourish-in-q123-tokeninsights-data-reveals-crypto-winter-may-be-thawing/#respond) Leave a Reply Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – The formation of a range gave clear levels for traders to set their orders.
– Despite the recent losses, there was a chance that a breakout toward $0.5 could occur.Bitcoin saw a bounce in prices after a retest of the $27.8k mark as support, but the volatility witnessed in the past 24 hours meant both bulls and bears must be cautious.For XRP, the lower timeframe bias was bearish but this could change soon.Read XRP’s Price Prediction 2023-24 XRP formed a range on the lower timeframes that extended from $0.44 to $0.48.
At press time the bulls fought to overcome the $0.46 resistance, but have not succeeded after 12 hours of trying.A confluence of imbalance and golden pocket presented a reasonable target in the event of a breakout The 4-hour chart showed that the market structure was bearish after the strong drop in prices on 26 April.Since then XRP has seen buyers effect a bounce from $0.433 to $0.458 at press time, but the RSI remained beneath the neutral 50 mark.The $0.45 level has served as support over the past week, and a retest would likely offer a buying opportunity.Invalidation would be a move beneath the range lows at $0.44.Bulls can target the range highs at $0.48 to take profit, but there was the possibility of a bullish breakout as well.The move beneath the former XRP range was used to plot a set of Fibonacci retracement levels (white).
Is your portfolio green? Check the XRP Profit Calculator These levels showed that the 61.8% and 78.6% retracement levels sat at $0.5 and $0.518.Moreover, the drop from $0.539 on 19 April was accompanied by the development of a fair value gap in the $0.5 area, highlighted by the white box.Hence, a move above $0.48 would likely climb to this area to fill the imbalance.
Thereafter, a rejection could occur to take XRP back toward $0.44 or lower.
Sentiment remained bearish but rising demand showed a short-term rally was possible The 1-hour chart from Coinalyze showed that spot CVD has risen massively since 25 April, although it dropped over the past 24 hours to show some bullish exhaustion.Overall the trend has been upward in the past three days, which showed significant buying pressure could push XRP prices higher once again.A continued descent on the CVD in the coming days could dishearten buyers and embolden sellers.In contrast, the Open Interest was mostly flat in the past ten days, with sudden drops on the chart when XRP experienced sudden price moves downward.The falling OI indicated that sentiment was bearish and long positions were discouraged.If this changes, a breakout past $0.48 would become more likely.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – DOT retested key support and bullish order block near $5.76.- Exchange long/short ratio and liquidations offered bulls little hope.Polkadot [DOT] showed signs of recovery despite prevailing macro headwinds.So far, the bulls have defended a key support and bullish order block near $5.76.The support hasn’t cracked throughout the second half of March and April.A recent performance update captured DOT’s exemplary record in Q1, but Q2 has seen a bumpy start.Is your portfolio green? Check DOT Profit Calculator Meanwhile, Bitcoin [BTC] still exhibited choppiness.
It retested $30k before dropping sharply back to $27k on 26 April.At press time, BTC reclaimed the $28k zone, setting DOT to edge higher.However, persistent BTC fluctuations can whipsaw DOT.A likely upside or nuke for DOT? In the past six weeks, the price action has retested the bullish order block and support level near $5.76 three times.The first retest faced price rejections near $6.5, while the second retest edged higher and hit $6.959 after a little stalling near $6.5.The third retest, seen at press time, also witnessed a pullback retest confirming a likely uptrend continuation.As such, DOT could rally and retest the resistance and bearish order block of $6.959.
However, an FVG (fair gap value) within $6.552 – $6.799 (white) could also offer resistance to the likely recovery.Conversely, bears could gain more influence if the support level (cyan) cracks.Such a breach could set DOT to aggressive selling and sink the asset to the March swing low of $5.245 or $5.0 support level.At press time, the RSI retreated sharply to lower ranges but inched closer to the neutral level – a dip in buying pressure, but buyers remained steadfast.
Notably, the OBV edged higher – reinforcing the buying pressure.Bulls’ have slight leverage; sellers can’t be overruled How much is 1,10,100 DOTs worth today? According to Coinglass, the exchange DOT long/short ratio showed long positions were dominant at 50.09% on the 4-hour timeframe at press time.It shows mild bullish sentiment in the short-term, but bulls only have little leverage, and sellers couldn’t be overruled.On the liquidations side, more long positions have been liquidated in the past few days than short positions – limiting a strong recovery.
At press time, twice as many long positions (over $30k) were wrecked in the past 4-hours compared to short positions ($15k).It shows short-term selling pressure looms despite the mild bullish sentiment; hence caution should be exercised.What is CryptoSlate Alpha? A web3 membership designed to empower you with cutting-edge insights and knowledge.Learn more › Connect via Access Protocol Access Protocol is a web3 monetization paywall.When users stake ACS, they can access paywalled content.Learn more › Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation.
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