Bitcoin price fluctuations have been ongoing for days, with frequent ups and downs. What’s the situation in local exchanges? Market downturns have triggered significant losses in altcoins. The TL parity performance can vary significantly depending on the local currency’s value changes compared to USD parities. Let’s now look at the altcoins that Turkish investors are most interested in.
Turks and Cryptocurrencies
If you pay attention to the new altcoin listings on the Binance exchange,you will frequently see TRY parities listed alongside BTC and USDT. Turkish cryptocurrency investors continue to trade actively during the bear market and have become a much more significant part of the global crypto ecosystem.
Although Turkish cryptocurrency investors mostly trade on global exchanges, they also use local exchanges. According to recent volume data, about 1% of the global volume often comes from local Turkish exchanges. Moreover, the total volume on local crypto exchanges frequently eclipses volumes of national stock exchanges like BIST100.
Cryptocurrencies Purchased by Turks
You can visit all local exchanges one by one to find out how much total volume each altcoin has reached after hours of effort. Alternatively, you can use 21milyon.com, which collects all data, performs calculations, and updates this information in real-time, offering it free to users. This website can be considered a local version of the global Coinmarketcap.
Guides, exchange volumes, and data on which altcoins create more liquidity in which exchanges are easily accessible with a single click. Thus, you can identify the exchange parity where each altcoin has strong liquidity, minimize price slippage, and even use 21milyon.com data for arbitrage.
At the time this article was prepared, the total trading volume in Turkiye-based cryptocurrency exchanges was at the level of 14 billion TL ($425 million). As often happens, USDT is at the top in volume because the price fluctuations of the TRY make dollar trading attractive on exchanges.
On the other hand, Bitcoin and PEPE Coin are in the top three. FLOKI and AMP, although not high in the global volume rankings, have entered the rankings due to the interest of Turkish investors.
Source: coin-turk