The cryptocurrency market is a hive of constant activity characterized by extreme volatility and massive round-the-clock transactions. Let’s delve into the most recent trading volume data and compare it to the previous day’s statistics to identify significant trends and patterns.
Top 10 Cryptocurrencies By Trading Volume
| Position | Symbol | Name | Volume |
|---|---|---|---|
| 50 | CFX | Conflux | 74,347,717 |
| 1 | USDT | Tether | 24,316,571,472 |
| 2 | BTC | Bitcoin | 15,796,807,820 |
| 3 | ETH | Ethereum | 6,658,050,742 |
| 4 | USDC | USD Coin | 3,509,145,235 |
| 5 | BUSD | Binance USD | 2,478,606,202 |
| 6 | TUSD | TrueUSD | 2,062,115,961 |
| 7 | LTC | Litecoin | 954,274,006 |
| 8 | XRP | XRP | 936,438,846 |
| 9 | WETH | WETH | 877,482,955 |
| 10 | BCH | Bitcoin Cash | 680,497,280 |
The Usual Suspects: Dominance of USDT, BTC, and ETH
As per the norm, Tether (USDT), Bitcoin (BTC), and Ethereum (ETH) continue to dominate the market in terms of 24-hour trading volume. USDT, a stablecoin pegged to the US dollar, experienced an increase in volume, from $22,777,025,739 the previous day to $24,316,571,472. This reflects the stablecoin’s key role as a liquidity provider in the crypto market.
Bitcoin, the most valued cryptocurrency by market cap, saw its 24-hour trading volume rise from $11,965,191,465 to $15,796,807,820, marking a significant increase. This increase is mainly attributed due to the end of the weekend.
Ethereum, the second-largest cryptocurrency, saw a slight drop in volume, from $7,896,403,743 to $6,658,050,742. While Ethereum still retains a solid position, this could suggest a temporary shift in investor focus toward other assets.
Stablecoin Activity: Beyond Tether
Apart from USDT, other stablecoins like USD Coin (USDC), Binance USD (BUSD), and TrueUSD (TUSD) also showed notable activity. USDC’s trading volume saw a healthy increase, moving from $3,103,936,686 to $3,509,145,235. BUSD and TUSD likewise experienced growth in trading volume, emphasizing the crucial role stablecoins play in the crypto market, providing a hedge against volatility.
Spotlight on Altcoins: Key Movers and Shakers
Focusing on altcoins, Litecoin (LTC) and XRP maintained their high trading volumes, occupying the seventh and eighth positions on both days. On the other hand, Wrapped Ether (WETH) moved from the eighth position the previous day to the ninth.
Aptos (APT), Pepe (PEPE), and Verge (XVG) demonstrated notable shifts in trading volume. Aptos moved to the 16th position with a volume of $285,317,776. Pepe had a trading volume of $249,048,285, taking the 18th spot. Verge also had an impressive performance, taking the 14th spot with a volume of $307,759,003.
Top 50 Cryptocurrencies By Trading Volume
| Position | Symbol | Name | Volume |
|---|---|---|---|
| 50 | CFX | Conflux | 74,347,717 |
| 1 | USDT | Tether | 24,316,571,472 |
| 2 | BTC | Bitcoin | 15,796,807,820 |
| 3 | ETH | Ethereum | 6,658,050,742 |
| 4 | USDC | USD Coin | 3,509,145,235 |
| 5 | BUSD | Binance USD | 2,478,606,202 |
| 6 | TUSD | TrueUSD | 2,062,115,961 |
| 7 | LTC | Litecoin | 954,274,006 |
| 8 | XRP | XRP | 936,438,846 |
| 9 | WETH | WETH | 877,482,955 |
| 10 | BCH | Bitcoin Cash | 680,497,280 |
| 11 | BNB | BNB | 498,550,565 |
| 12 | DOGE | Dogecoin | 369,550,504 |
| 13 | MATIC | Polygon | 325,238,683 |
| 14 | XVG | Verge | 307,759,003 |
| 15 | FIL | Filecoin | 299,149,528 |
| 16 | APT | Aptos | 285,317,776 |
| 17 | SOL | Solana | 280,945,852 |
| 18 | PEPE | Pepe | 249,048,285 |
| 19 | ADA | Cardano | 230,553,336 |
| 20 | AAVE | Aave | 210,310,107 |
| 21 | SUI | Sui | 194,041,599 |
| 22 | ARB | Arbitrum | 193,406,991 |
| 23 | ETC | Ethereum Classic | 191,727,037 |
| 24 | LINK | Chainlink | 176,685,179 |
| 25 | DAI | Dai | 174,146,645 |
| 26 | COMP | Compound | 168,058,406 |
| 27 | AVAX | Avalanche | 152,680,277 |
| 28 | TRX | TRON | 150,848,879 |
| 29 | QTUM | Qtum | 146,695,197 |
| 30 | WBTC | Wrapped Bitcoin | 144,077,733 |
| 31 | GRT | The Graph | 139,117,452 |
| 32 | USDCE | USD Coin Bridged | 128,392,460 |
| 33 | MKR | Maker | 127,114,581 |
| 34 | MDT | Measurable Data Token | 123,249,171 |
| 35 | DOT | Polkadot | 122,029,974 |
| 36 | EOS | EOS | 120,980,541 |
| 37 | SHIB | Shiba Inu | 115,849,942 |
| 38 | TROY | TROY | 114,735,447 |
| 39 | STX | Stacks | 110,979,807 |
| 40 | FLOW | Flow | 105,386,406 |
| 41 | OP | Optimism | 93,282,453 |
| 42 | MBL | MovieBloc | 91,058,193 |
| 43 | CELO | Celo | 89,304,610 |
| 44 | XEC | eCash | 87,393,984 |
| 45 | WBNB | Wrapped BNB | 86,770,108 |
| 46 | MTL | Metal DAO | 86,292,136 |
| 47 | XMR | Monero | 78,936,897 |
| 48 | SAND | The Sandbox | 78,257,390 |
| 49 | ATOM | Cosmos | 76,252,003 |
| 50 | CFX | Conflux | 74,347,717 |
Concluding Remarks
As always, trading volumes offer valuable insights into the market’s movement and investor behavior. However, it’s crucial for traders and investors to supplement this data with other forms of analysis before making investment decisions.
This analysis has shed light on the continued dominance of leading cryptos like USDT, BTC, and ETH and the vital role of stablecoins in providing liquidity. Additionally, it has highlighted some rising stars in the altcoin market. As the crypto landscape evolves, we’ll likely see these dynamics shift, underscoring the need for continuous monitoring and analysis.