In recent years, February has seen significant fluctuations in crypto trading volume, and 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.
According to data presented by BitcoinCasinos.com, Bitcoin, Ethereum, Binance USD, and USD Coin all saw their trading volumes plunge last month. Here is the list of other most-traded crypto coins in February.
Tether’s Monthly Trading Volume Jumped Over $1T; Bitcoin`s Dropped 27% Month-over-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 February 27, its monthly trading volume significantly dropped.
The CoinMarketCap data show Bitcoin’s trading volume hit $686.2bn last month, down from $950bn in January. The world’s most traded crypto, Tether, saw its trading volume jump by 8% month-over-month, rising from $977.1 to $1.05trn.
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 $288.2bn to $198.9bn. But, compared to January, ETH climbed one spot on the list of most-traded digital coins. Binance USD saw less than $195bn in monthly trading volume in February, down from almost $320bn a month before.
Statistics show USD Coin was the fifth most-traded coin in the crypto space, with $100.9bn in monthly trading volume, 25% less than the value seen in January.
Ankr and Optimism Among the Top Traded Cryptos in February
The CoinMarketCapa data show 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 $44.4bn 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 $35.2bn in monthly trading volume.
Statistics show WETH climbed two spots on the list of top-traded cryptos and ranked eighth with $34.2bn in February trading volume, up from $32.3bn seen a month before. Filecoin and Polygon followed, with $29.6bn and $25bn, respectively.