Historically, April has been one of the strongest months for Bitcoin and other cryptocurrencies, bringing the biggest average monthly returns. However, this year, that wasn’t the case.
Although Bitcoin topped over $30 400 on 18 April, reaching the highest level since early June, its monthly gain was only 3% – way down from 21% in March and much less than gains usually seen in the fourth month of the year.
The monthly trading volume of the most expensive crypto also significantly dropped.
According to data presented by BitcoinCasinos.com, Bitcoin trading volume sank by almost $700-billionn in April.
CoinMarketCap data shows that Bitcoin’s monthly trading volume amounted to $492,9-billion in April, or 58% less than almost $1,2-trillion seen a month before.
However, Bitcoin was not the only digital coin whose monthly trading volume declined in April. In fact, statistics show all major cryptocurrencies saw a double-digit drop. Tether`s trading volume was down by 38% month-over-month to $730,5-billion. Ethereum saw a 28% decline and around $230-billion in 30-day trading volume. USD Coin, the fourth most-traded digital coin in the crypto space last month, saw a 38% decline and $97,5-billion in monthly trading volume. Binance USD, as the fifth most-traded crypto in April, hit $75,5-billion worth of trades, or 28% less than in March.