After a brutal comedown and one of the worst crypto price drops in years, cryptocurrency traders are showing renewed confidence, with many looking for a piece of the volatile market.
The crypto market’s trading volume increased 11.8% to $75.7 bln on the last day of August. However, some crypto coins witnessed increased trading activity throughout the month.
According to data presented by AugustaFreePress.com, Tether, Bitcoin, and Ethereum remain the most traded digital coins in the crypto space..
Tether hit over $1.5 trln in monthly trading
The data compiled by CoinMarketCap showed Tether still represents the most important coin in the crypto space.
In August, the world’s most used stablecoin hit $1.54 trln in monthly trading volume, 40% more than the second-ranked Bitcoin. Also, statistics show Tether’s market cap rose from $66.2 bln to $67.5 bln in 30 days.
With $1.1 trln in monthly trading volume, Bitcoin ranked as the second most-traded crypto.
August was a rough month for the world’s most expensive crypto, with its price falling from $23,400 to $20,300 in 30-days. Statistics show Bitcoin’s market cap plunged by 12% in this period, falling from $444.6 bln to $389 bln.
However, the biggest crypto continues seeing momentum, despite a shaky market because every move down is met with large orders of BTC, mainly from big wallet addresses.
Statistics show Ethereum’s monthly trading volume hit nearly $710 bln, making it the third most-traded crypto in August.
Like Bitcoin, Ethereum also witnessed its price drop last month, falling from $1,666 to $1,580. The market cap of the world’s second most-expensive crypto dropped from $201.3 bln to $193.9 bln in this period.
With $224.7 bln in 30-day trading volume, Binance USD ranked fourth in the list, one spot above the USD coin as the fifth most-traded crypto. Statistics show the stablecoin hit $169.2 bln in monthly trading volume or four to five times more than the other cryptocurrencies on the top ten list.
WETH ranked sixth with $46.6 bln in monthly trading volume. BNP, XRP, Solana and Ethereum Classic follow with $30.9 bn, $29.4 bln, $27.3 bln and $27.1 bln, respectively.
The CoinMarketCap data also show all these cryptocurrencies, except BNB, witnessed a price and market cap drop in August. During the month, BNB’s price rose from $285 to $288, driving its market cap from $45.9 bln to $46.4 bln.