February has traditionally seen significant fluctuations in crypto trading volume and, according to BitcoinCasinos.com, last month was no exception. After a fantastic January which brought a double-digit price growth of major cryptocurrencies, the market volatility seen in February has made traders more cautious and triggered a considerable drop in crypto trading volume.
Bitcoin, Ethereum, Binance USD and USD Coin all saw their trading volumes plunge last month.
After beginning 2023 on a positive note and bringing some long-awaited optimism to the market, Bitcoin’s price dropped by 7% to around $21 400 in the first two weeks of February. Although the world’s largest and most expensive cryptocurrency ended the month with a modest 1,7% gain, trading at around $23 450 on 27 February, its monthly trading volume dropped significantly.
Data from the CoinMarketCap shows Bitcoin’s trading volume hit $686,2-billion last month, down from $950-billion in January. The world’s most traded crypto, Tether, saw its trading volume jump by 8% month-over-month, rising from $977,1-billion to $1,05-trillion.
Ethereum and Binance USD, the third and fourth most-traded cryptos in February, also witnessed a downturn. Ethereum’s trading volume plunged 30% month-over-month, falling from $288,2-billion to $198,9-billion. But, compared to January, ETH climbed one spot on the list of most-traded digital coins. Binance USD saw less than $195-billion in monthly trading volume in February, down from almost $320-billion a month before.
Statistics show USD Coin was the fifth most-traded coin in the crypto space, with $100,9-billion in monthly trading volume, 25% less than the value seen in January.
The CoinMarketCapa data shows significant changes in the other half of the list. Aptos, XRP and Shiba Inu – which all ranked among the most-traded cryptocurrencies in January – didn’t even make it to the list last month.
With $44,4-billion in 30-day trading volume, Ankr ranked as the fifth most-traded coin in the crypto space in February. Optimism stood one place behind with $35,2-billion in monthly trading volume.
Statistics show WETH climbed two spots on the list of top-traded cryptos and ranked eighth with $34,2-billion in February trading volume, up from $32,3-billion seen a month before. Filecoin and Polygon followed, with $29,6-billion and $25-billion respectively.