Global cryptocurrency trade volumes saw a significant drop in December, the last month of one of the hardest years for the entire crypto industry. Following Fed’s rate hike moves, the price of the world’s leading crypto, Bitcoin, dropped to the lowest of $16,400, the value last seen in November 2020, while Ethereum ended the month with a 7% drop to $1,195.
According to data presented by Crypto Presales, Tether, Bitcoin, and Binance USD were the three most traded cryptos in the last 30 days, but their trading volumes dropped deep below the levels seen a month before. Here is the list of other crypto coins also ranked in the top 10 in December.
Tether’s Monthly Trading Volume Plunged to $603B, Bitcoin’s Down by 33%
Approaching the end of the year, many traders and crypto investors took a break, causing a slowdown in crypto trading activity.
In November, Tether hit a record trading volume of $59.6trn as investors flew to the safety of US dollar-denominated tokens after the collapse of FTX. Although the world’s leading stablecoin remained the most traded cryptocurrency, its trading volume slumped to only $603bn in December or 98 times less than the value seen a month before.
The CoinMarketCap data show Bitcoin’s trading volume tanked 33% month-over-month, falling from nearly $635bn in November to $420bn in December. Furthermore, this was the second month in a row in which Bitcoin’s trading volume stood deep below $1trn seen earlier in 2022.
With $123.7bn in 30-day trading volume, Binance USD ranked as the third most-traded crypto, one spot above Ethereum. Still, like other cryptocurrencies, it also witnessed a considerable month-over-month drop, with its trading volume plunging by 55% compared to November.
ETH’s trading volume continued falling throughout December and hit less than $100bn, representing a 70% drop month-over-months and 80% less than $475bn seen in October.
With $72.8bn in 30-day trading volume, a massive 40% drop month-over-month, USD Coin ranked as the fifth most popular crypto to trade in December.
Aptos and Zilliqa Entered the Top Ten List in December
The CoinMarketCap data show significant changes in the other half of the list, with four out of five cryptos ranked in November losing their spot last month.
XRP, WETH, Dogecoin, and Polygon were all among the ten most-traded cryptos in November but didn’t even make it to the list in December as their trading volumes slumped.
Statistics show Solana was the sixth most-traded crypto last month, with $64.2bn in 30-day trading volume. Far below, with a trading volume of $19.7bn, BNB ranked as the seventh most popular crypto to trade.
Compared to November, three new cryptos entered the most-traded list. With $18.1bn in monthly trading volume, Aptos ranked eighth on the list of most popular coins. Also, statistics show the price of the APT token jumped by 20% in the last month, rising from $4.67 to $5.62.
Cardano and Zilliqa close the top ten list, with $18bn and $14.1bn in monthly trading volume, respectively.