It appears the next bullish rally might be on the horizon as trading activities are ramping up on centralized exchanges.
Data compiled by a crypto influencer Colin Wu, has revealed that trading activities have recovered traction in many centralized exchanges (CEXes). January was a good month, not just for Bitcoin but for other members directly plugged into the crypto ecosystem. Spot trading on major crypto exchanges recorded an almost 60% increase in January. The greatest increases were KuCoin (90%), BitMart (110%), and Upbit (166%). Giant crypto exchanges also enjoyed a significant boost in this metric but lagged compared to the top three exchanges with just a 60% increase. Meanwhile, the three smallest growths were Gate (10%), Bitget (4%), and Mex (4%).
Source: Wu Blockchain
More Metrics Support A Positive Outlook For The Crypto Market
Also, derivatives trading on major crypto exchanges grew by 47.6% in January alone. The three most significant among these increases were Phemex (190%), Bybit (98%), and Gate (85%). While Mexc, Huobi and Crypto.com enjoyed the least gains with 28, 22, and 26 percent increases, respectively. Web traffic on these websites also increased by about 4.5% on average last month. The top three on this list were Upbit, Deribit, and Coinbase, with 35%, 22% and 13% growth. Mexc, Huobi and Gate recorded the slightest increase, having 43%, 33% and 22%.
In conclusion, other metrics have supported a potential bullish outlook for the crypto market since the beginning of 2023. This development may signal an imminent market rally as more investors seem to be getting bored with the extended crypto winter.
Will this bullish outlook continue to reflect in other crypto data? Let us know your thoughts in the comment section below.
