Unlike global markets, the direction of Turkish crypto investors is shifting significantly. While assets like BTC and ETH dominate global volume rankings, this trend often changes within Turkish exchanges. Notably, during periods of increased volatility, the landscape can vary dramatically.
Characteristics of Turkish Crypto Investors
A significant portion of crypto investors in Turkey tends to gravitate towards riskier assets compared to their global counterparts. This difference stems from the drive for quick profits. Representing a substantial percentage of global trading volume, Turkish crypto investors show keen interest in cryptocurrencies with multiple zeros, fueled by their belief in their potential.
Moreover, the interest in newly listed and newly issued tokens is notably high among Turkish investors. Consequently, even during the most challenging bear market days, we frequently observe Binance introducing TRY pairs alongside BTC and USDT in new listings.
Popular Cryptocurrencies among Turks
Observing the activities of investors active in global exchanges can be challenging. However, it is feasible to track trends within local exchanges, which are solely composed of Turkish crypto investors. This allows for accurate data analysis regarding market tendencies.
Tracking the pairs of all Turkey-based local exchanges in real-time can be complex. A platform like 21milyon.com automates this process, providing users with instantaneous data on the prices of various altcoins in dollars or Turkish lira across all exchanges.
In the last 24 hours, local exchanges have seen a volume of 26 billion TL. BTC and TRUMP Coin occupy the top two spots, highlighting the clear difference from the global volume rankings. As of the time of writing, BTC is trading at around $97,200, amidst typical weekend calmness, with global volumes having weakened.
Looking ahead, volatility is expected to rise depending on forthcoming developments. A drop in BTC volatility could signal the onset of significant market movements.
