Everyone knows cryptocurrencies have become a booming industry in the last few years. Buyers and investors are gaining interest in this market, from iconic Bitcoin to smaller cryptos like Satoshi.
However, as with any market where you exchange things of value, people are looking into how to make it easier to trade. That’s why Telegram trading bots are becoming so popular. The best crypto grid trading bots help you automate your exchanges and we explore their influence on the market.
What Are Telegram Bots?
Telegram bots are bot software that connects with your cryptocurrency wallet and helps automate various processes.
You set up rules for the exchanges and these bots can complete the exchanges about six times faster than you would be able to. It helps investors and crypto buyers get the best deals as soon as it appears.
Their Influence on the Crypto Market
In May, the value of these bots stood at $5.5 million, already showing its potential. Two months later, this value skyrocketed, increasing 25 times to $139 million. If you thought it ended there, you’re in for a surprise, as the latest figures in August show its value is now over $190 million, which offers a remarkable growth of almost 35 times its value in just three months.
As buyers can use the applications to facilitate trades faster, the crypto trading rate has increased. Studies show that the daily volume of transactions made using this software hit $10 million in July, a new record. Further, Telegram bots are shown to have collected an overall revenue of around $28 million.
Further, even though one might think this means iconic currencies like Bitcoin will continue to dominate the market. Unibot, one of the more popular Telegram bot applications, has increased its profit by 21.15% in 24 hours. Meanwhile, LOOT, another application, showed the same type of growth, as it had a 24.88% gain.
A New Market Niche?
If we look at the interest in Unibot, we see it had over 6,000 unique users daily in July. This shows the growing interest in this niche. According to research, Unibot accounts for almost 77% of the market capitalisation.
As such, it’s found a market niche and many users are interested in its possibilities. At the same time, Unibot has a firm grip on this niche; other excellent options exist, like OKX’s trading bots or LOOT.
Using Telegram Bots to Automate Crypto Exchanges
Trading bots are becoming more popular and with good reason. Automating your crypto exchanges allows you never to miss the best deals. It also helps you distinguish good trades and make safer buys. While some believe this might be a temporary spike in interest, it doesn’t take away the benefits using these bots provide.
Disclaimer: This article is published in association with Bazoom and not created by TNM Editorial.
