In December, Bitcoin‘s price reached its peak for 2023, hitting the highest level in 19 months. This surge is fueled by optimism surrounding the final decisions on ETF applications, which are expected to attract institutional investors to cryptocurrencies. Turkish investors, in particular, are eagerly anticipating this news, with COINTURK set to deliver updates by January 10th.
Turkey has become a hub for some of the world’s most active crypto investors, with reports suggesting there are over 5 million Turkish crypto investors. Even after the 2021 bull market, Turkish interest in cryptocurrencies has not waned as much as in other regions, as evidenced by the growing trading volumes on Binance Global’s TRY pairs.
As excitement rebuilds, local exchanges are witnessing massive trading volumes. On December 15th, a record-breaking daily volume of $720.3 million (over 21 billion TL) was reported by 21milyon.com, which allows real-time monitoring of all local exchange activities.
Although the trading volume has since decreased to around 14 billion TL, it remains significantly higher than the mid-year volumes of 4-5 billion TL.
Turkish investors represent a substantial trading volume, making the cryptocurrencies they favor likely to perform well. Popular coins among Turks, such as AVAX, SOL, and MINA, have led rallies, with MINA Coin’s price rising by over 100% in a short period. Similar rapid increases have been observed in alternative cryptocurrencies like AVAX and SOL Coin.
21milyon.com provides instant updates on which cryptocurrencies are popular on local exchanges used by Turks. Gathering this data manually would require monitoring all exchange pairs and maintaining a 24/7 spreadsheet, but 21milyon.com offers access to this information within seconds. The site also features a news section with the latest local crypto developments and a crypto page displaying the TL performance and volume rankings of 380 different altcoins, all free of charge.