The past week witnessed a bustling upswing in cryptocurrency market activity, with exchange-traded funds (ETFs) contributing to a remarkable surge in demand. This has been particularly evident in Turkey, where local cryptocurrency exchanges have seen a significant increase in trading volumes, some altcoins rallying beyond the 100% gain mark.
Turkish Exchanges Ride the Bullish Wave
Turkey’s crypto exchanges are basking in the spotlight much like their international counterparts, with trading volumes crossing an impressive four-day milestone. The cumulative daily trading volume on these platforms has tipped over the $1 billion mark, indicating the market’s bullish undercurrent.
While the global market sees daily volumes between $80-90 billion, the Turkish crypto market’s performance is striking, particularly when juxtaposed with the Borsa Istanbul 100 index’s daily volume of approximately 100 billion TL. The crypto trading volume in Turkey, standing at 40 billion TL, is noteworthy in this context.
Despite the large volumes in local exchanges, they exhibit a lack of liquidity depth compared to global platforms’ order books. This shortfall prompts investors to pivot to international exchanges for more stable trading opportunities and to execute substantial transactions.
Gathering this volume data is no trivial feat as it requires collating information from all local exchanges. 21milyon.com streamlines this process for Turkish crypto investors by aggregating and interpreting the data from these platforms.
Local Investment Trends in Altcoins
21milyon.com offers critical insights into the trading preferences of Turkish investors, highlighting which altcoins are in high demand. Unlike global exchanges, the ranking on this platform reflects Turkish investors’ propensity for higher-risk bets, which can lead to significant gains or losses. Interestingly, meme coins are leading the pack in terms of volume, while USDT remains a staple at the top of local exchange charts.