Following the crash of the world’s second-largest crypto exchange, FTX, the prices of the largest cryptocurrencies have tumbled again. The world’s most expensive cryptocurrency, Bitcoin, lost around 18% in value last month, while Ethereum’s price dropped by 21%. However, besides losing value, the largest digital coins have also seen a considerable drop in trading volume, all except Tether.
According to data presented by Crypto Presales, Tether was the most-traded coin in the crypto space last month, with a staggering $59.6trn in 30-day trading volume. Here is the list of other crypto coins that also ranked in the top 10 in November.
Tether’s Trading Volume Jumped 37x Month-over-Month
Investors are fleeing to the safety of US dollar-denominated tokens as crypto market suffers from the recent collapse of FTX, causing the world’s leading stablecoin, Tether, to hit record trading volume.
According to CoinMarketCap data, Tether’s monthly trading volume surged to over $59.6trn in November or 37 times more than the $1.6trn seen in October.
Following the bankruptcy of FTX, the price of Bitcoin (BTC) has tumbled again. Statistics show Bitcoin’s price dropped from $21,300 to $17,200 last week, an 18% drop in a month, and far from the all-time high of $66,000 just a year ago. Bitcoin’s trading volume tanked 60% in the last 30 days, falling from nearly $1.6trn in October to $635bn in November.
Ethereum remained the third most-traded coin in the crypto space, but its trading volume significantly dropped. According to CoinMarketCap data, ETH’s 30-day trading volume stood at $342bn in November, down from $475bn a month before.
Binance USD Trading Volume Up by 75%, Dogecoin’s Slumped by 93%
Like Tether, Binance USD also saw a surge in trading volume last month. With more than $276bn in monthly trading volume or 75% more than in October, the stablecoin ranked as the fourth most-traded crypto in November. USD coin followed, with $123bn in 30-day trading volume and a 6% month-over-month increase.
XRP and WETH climbed to the top 10 list in November, with around $36bn monthly trading volume each.
After its trading volume plunged by 93% month-over-month to $22.7bn, Dogecoin dropped four spots and ranked as the eighth most-traded coin in the crypto space.
With $22.3bn, or 93% less than in October, BNB ranked ninth. Polygon closed the list of the ten most traded cryptos in November with $15.8bn in monthly trading volume, respectively.