Most Top 10 Coins’ Trading Volumes Increase; BTC’s Drop Further
After the July and August drop in trading volumes for the top 10 coins, some of them have seen an increase in daily average volumes in September. Bitcoin’s (BTC) volumes, however, decreased further.
Comparing the total trading volume in June, when bitcoin price jumped above USD 13,000, and that in August for each coin, we see Binance coin (BNB) taking the lead with the largest drop of 62%. EOS, XRP, litecoin (LTC) and bitcoin sv (BSV) are in the 41-40% range. The rest have seen somewhat smaller drops, but their numbers are significant nonetheless, while Monero (XMR) experienced the smallest decline, dropping by 14%. Meanwhile, Bitcoin trading volume dropped by 24%.
Now, September daily average values (based on data until September 19), compared to those in August, offer a different picture. It’s interesting to note, though, that just a couple of days ago, only three of the ten had risen (bitcoin cash (BCH) , EOS, and BNB), but after the most recent altcoin rally, that quickly changed to seven out of ten coins. Only LTC, BTC and BSV have seen a drop in this short period, of 9.5%, 7% and 6%, respectively. EOS and BCH have taken the lead in this category, rising in the first part of September by 36% and 32%, respectively, while tether (USDT) with 2% has the smallest daily average increase for now.
The decline in total trading volumes from June until today was consistent from one month to the next, except for Tether, which saw a 3.79% rise in July, before starting to drop, going from USD 568.2 billion in July to USD 461.4 billion in August. All coins have also had a consistent decline in their daily averages from one month to the next, between June and August, except again in the case of Tether, which saw a slight rise of 0.44% in July, before dropping.
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However, in the first nineteen days of September, ETH, XRP, USDT, EOS, BNB and XMR surpassed their respective August values already, while BCH surpassed its July value.
Observing the price changes in the past 3 months, even if BTC’s volumes dropped in both of the categories observed in this analysis, its price is now almost unchanged after the drop today. The rest are in the red, with LTC and BSV seeing a 46% drop in price each, while the smallest drop is 27.6% in ETH price.
Top 10 coins by market capitalization*:
(This ranking is based on September 16 data – today XMR is 12th)
And here is how trading volumes have changed for the top coins in the past few months: