After a January with gains of more than 100% in some digital currencies, market volatility and fear of the Fed’s rate hike ended up changing investors’ perspective.
Optimism in the stock market cryptocurrencies moderated in February. After a January with gains of more than 100% in some digital currencies, market volatility and fear of the Fed’s rate hike ended up changing investors’ perspective. That is why, according to data from CoinmarketCap, the trading volume of Bitcoin showed a considerable drop when compared to the same month of the year.
The data shows that the trading volume of the bitcoin (BTC) it hit $686.2 billion last month, down from $950 billion in January. All this despite the fact that the price of the queen cryptocurrency advanced above 1% in February and showing signs of a possible rebound in the short and medium term.
For its part, the world’s most traded ‘crypto’, Tether (USDT) experienced an 8% increase in its month-on-month trading volume, going from $977.1 billion to $1.05 trillion. The company behind the USDT reported that for the first time, it made quarterly profit: it earned 700 million dollars.
Ethereum (ETH) and Binance USD (BUSD), the third and fourth most traded cryptocurrencies in February, also saw a notable decline. ETH trading volume fell 30% mom, from $288.2bn to $198.9bn. BUSD, meanwhile, posted less than $195 billion monthly trading volume in February, up from almost $320 billion the previous month. The SEC’s regulatory crackdown was one reason for the decline.
In turn, the statistics show that the stablecoin USD Coin (USDC) It was the fifth most traded coin in the crypto space, with $100.9 billion in monthly trading volume, down 25% from January.
The list also highlights the disappearance of Aptos (APT), Ripple (XRP) and Shiba Inu (SHIB)which were among the most traded cryptocurrencies in January, but have not reached this ‘top’ in the second month of the year.
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