#Global Cryptocurrency Trading Volumes Jump to 300-Day Highs
The total volume of all #cryptocurrency trading as tracked by #market metrics leader Coinmarketcap hit a 300-day high Tuesday, reaching $33.85 billion, the most observed in 10 months.
As such, the data point is the latest to suggest that trading activity in the cryptocurrency markets is increasing – Coinmarketcap tracks the aggregate trading volume of 2,074 cryptocurrencies, including data about how they are being bought and sold across #exchanges worldwide.
Daily cryptocurrency trading volume
But, the data hints that there may be more nuance at work than simply a market-wide surge; a large majority of yesterday’s #trading volume came from the 10 largest cryptocurrencies by market cap.
The aggregate trade volume from the top 10 alone was roughly $30 billion, or 88 percent of all trading volume seen Tuesday. #Bitcoin (BTC) and tether (USDT) recorded 24-hour trade volumes above $9 billion, each accounting for roughly 27 percent of the 24-hour total.
Still, the uptick in trading #volume shows a renewed investor interest in the market, which perhaps should not come as a surprise seeing as the value of the broader cryptocurrency market has increased roughly 12 percent in the last seven days.
That said, trading volumes are still a fraction of what was seen toward the end of the most recent bull #market in 2017. The most trading volume ever recorded in a single day occurred on Jan. 4, 2018, when just over $68 billion in cryptocurrency changed hands, an amount that’s more than double yesterday’s total.
Trading volumes are off to another strong start today, recording $29.8 billion at press time. Since the beginning of the week, $96.9 billion in total has been traded, which is already 68 percent of the volume recorded in the prior week, which at the time was a near nine-month high.
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