The bearish outlook of the market in 2022 has seen Binance Coin trading volume fall steeply in the first quarter of 2022.
According to Be[In]Crypto Research, the first quarter of 2022 saw decreased investor interest in the native asset of the Binance ecosystem. The trading volume recorded for Binance Coin during the first quarter of the year was around $185 billion.
This was a 25% plunge in the trading volume recorded between Jan and March 2021 of approximately $250 billion.
Fall in Binance Coin volume indicative of negative crypto market sentiment
The top markets for Binance Coin in the first quarter of 2022 were the pairings of BNB and the United States Dollar Tether (USDT) as well as Binance United States Dollar (BUSD).
A cryptocurrency being traded against stablecoins is often a sign of a bearish market.
In Jan 2021, Binance Coin recorded a trading volume of around $18 billion with a single-day high in the region of $890 million. In Jan 2022, BNB recorded a trading volume of approximately $84 billion and a single-day high of $4.6 billion.
In Feb 2021, Binance Coin recorded a trading volume in the region of $122 billion with a single-day high of around $17 billion. In Feb 2022, BNB took a massive hit from the Ukraine/Russia crisis and finished the month with a trading volume of $47 billion and a single-day high of approximately $2.9 billion.
In March 2021, Binance Coin recorded a trading volume of approximately $109 billion with a single-day high of around $8 billion. After BNB’s price spiked in the last two weeks of the third month of 2022, the token saw an increase in volume. In March 2022, Binance Coin recorded a trading volume in the region of $54 billion and a single-day high in the region of $2.8 billion.
How has the drop in volume affected BNB in the first quarter of 2022?
BNB opened on Jan 1 with a trading price of $511.91, reached a quarterly high of $533.37 on Jan 2, and closed the first quarter of the year at $428.92. Overall, there was a 16% decrease between BNB’s opening and closing price in Q1 2022.
By comparison, Binance Coin opened on Jan 1 2021 at $37.37, reached a quarterly high of $342.88 on Feb 20, and closed the first quarter of 2021 at $302.06. Overall, there was a 708% increase between BNB’s opening and closing price in Q1 2021.
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