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 April 18, 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 $700bn in April. Here is the list of other most traded crypto coins and their trading volumes last month.
All Major Cryptocurrencies Saw a Double-Digit Trading Volume Drop
A significant drop in Bitcoin trading volume after its price surge may show investors adopting a wait-and-see approach or moving their capital to other cryptos. According to CoinMarketCap data, Bitcoin`s monthly trading volume amounted to $492.9bn in April, or 58% less than almost $1.2trn 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 $730.5bn. Ethereum saw a 28% decline and around $230bn in 30-day trading volume. USD Coin, the fourth most-traded digital coin in the crypto space last month, saw a 38% decline and $97.5bn in monthly trading volume.
Binance USD, as the fifth most-traded crypto in April, hit $75.5bn worth of trades, or 28% less than in March.
XRP Trading Volume Plunged 74% in April, the Biggest Drop Among the Top 10 Cryptos
The CoinMarketCap data show TrueUSD climbed to the sixth spot of the most-traded cryptos in April. The USD-backed stablecoin saw $41.1bn worth of transactions last month, four times more than Polygon and Solana and almost six times more than Dogecoin, which didn`t even rank on the top ten list in April.
XRP slipped two spots and ranked as the eighth most-traded digital coin in the crypto space, with $24.3bn in trading volume. Still, its monthly trading volume plunged 74% compared to March, showing the biggest drop among the top ten cryptos. BNB and Pepe closed the top ten list, with $21.4bn and $16.8bn in 30-day trading volume, respectively.