Cryptocurrency markets experienced a wave of excitement last week due to demand from ETF channels, and this continues. Volumes increased massively, with some altcoins gaining over 100%. We also clearly saw this increase in demand on local cryptocurrency exchanges based in Turkey.
Turkish Crypto Exchanges
Local exchanges in Turkey are attracting attention just like global ones, surpassing a critical four-day volume threshold. Local exchanges, reaching over $1 billion in daily cumulative trading volume, are fully experiencing the bull markets.
This volume might seem modest compared to the $80-90 billion in all markets. However, considering that the daily trading volume of the Borsa Istanbul 100 index is around 100 billion TL, a crypto trading volume of 40 billion TL is definitely impressive.
Moreover, there is a massive Turkish investor community that trades on global platforms in addition to local exchanges. Nevertheless, despite this 40 billion TL volume, the liquidity depth in local exchanges remains shallow compared to the order books of global platforms. This leads investors to prefer global exchanges for less speculative movements and price selling.
So how do we access these volume data? Of course, it’s not feasible to visit all local exchanges individually and keep a daily volume record. This task is undertaken by a platform called 21milyon.com for Turkish crypto investors. The platform regularly pulls data from all local exchanges and compiles it to make sense.
Altcoins Favored by Turkish Investors
21milyon.com‘s biggest advantage is its ability to clearly show which altcoins are being snapped up by Turkish investors. Below, you see altcoins ranked by volume size. You won’t see such a ranking on global exchanges because Turkish crypto investors engage in much riskier transactions. This brings both large gains and large losses.
The first two ranks are meme coins that have seen massive increases in dollar parity, while BTC has dropped to the eighth position at the end of the list. However, USDT continues to remain at the top in local exchanges.
