May witnessed sustained bearish action in the cryptocurrency markets, with many markets giving back most of the gains made during April. When looking at trade volume, we can see that BTC was by far the most traded cryptocurrency, followed by Tether and Ethereum. EOS also saw significant action, rising to become the fourth most traded cryptocurrency during the month.
$185 Billion USD Worth of BTC Traded in May
During May, more BTC was traded on the 3rd than any other day – during which $10.2 billion worth of bitcoins exchanged hands whilst the BTC markets ramped up to unsuccessfully test resistance at the $10,000 area.
By contrast, the weakest trading volume was witnessed on May 26th – with $4.05 billion worth of BTC being traded as the markets steadily broke below the $7,500 area. The first two weeks of May produced daily trading volume of roughly $5.8 billion and $10.2 billion worth of BTC daily, with volume declining to between $4.05 billion and $6.75 billion worth of BTC daily during late-May.
Tether and Ethereum Comprise $170 Billion Worth of Trade Combined
The the second most traded cryptocurrency during May was Tether – with almost $93 billion worth of USDT exchanging hands. The volume of USDT traded during May oscillated between approximately $4.75 billion and $1.8 billion daily. As with BTC, trading volume was much heavier during the early weeks of May (between approximately 3.2 billion USDT and 4.75 billion USDT daily), before declining to between 1.8 billion USDT and roughly 3.5 billion USDT daily later into the month. The largest amount of USDT was traded on the 11th of May (4.75 billion), with the least amount of USDT being traded 26th of May (1.8 billion).
Ethereum was the third most traded cryptocurrency of the last 30 days, with approximately $76.6 billion worth of ETH exchanging hands during May. The daily volume was fairly steady for ETH, with between $2 billion and $4 billion worth of ETH being traded each day except for May 3rd ($4.2 billion), May 7th ($4.3 billion), May 26th ($1.7 billion), and May 27th ($1.8 billion).
EOS Fourth Ranked Cryptocurrency By Volume Over Last 30 Days
May saw significant action in the EOS markets, with EOS consistently grind downwards to lose approximately 40% of its value when compared with the all-time high of approximately $20 posted at the end of April. EOS also maintained its position as a leading cryptocurrency by trade volume, comprising the fourth most traded cryptocurrency during May with a thirty-day volume of $47.5 billion USD.
When looking at 24-hour volume, we can see that EOS pairings are among most traded on the leading exchanges by volume. EOS pairings are the second and sixth highest volume pairs on the top two cryptocurrency exchanges by volume, Binance, and Okex, and comprise the top volume pairing on the third, fifth, and sixth highest volume exchanges – Huobi, Upbit, and Bithumb.
Other Top Markets by Volume Rankings
Bitcoin Cash was the fifth most traded cryptocurrency during May – producing almost $28 billion USD worth of trades during the last thirty days. The volume for BCH fluctuated between approximately $500 million and $2 billion worth of trades daily.
The sixth most traded cryptocurrency was Tron with almost $14 billion worth of trades during May, slightly edging out Ripple – which saw approximately $13.7 billion worth of XRP exchange hands over the last thirty days. Litecoin was the eighth most traded cryptocurrency with nearly $11.9 billion worth of trades, followed by Ethereum Classic with $6.5 billion, and True Chain with $6.1 billion.
24-Hour Volume Rankings Mirror Monthly Top Ten
The list of leading cryptocurrencies by 24-hour volume is nearly identical to the 30-day rankings.
BTC was the most traded cryptocurrency of the last day – with BTC parings accounting for 30% of trading activity over the preceding 24 hours. Tether has the second most volume with 15.5%, followed by Ethereum (13%), EOS (8.5%), Bitcoin Cash (3.75%), Tron (2.6%), Ripple (2.10%), and Litecoin (1.9%).
The sole deviation between the 24-hour and the monthly rankings is the appearance of Cardano rather than Ethereum Classic in ninth place with 1.3%. True Chain has the tenth largest volume of the last 24 hours, accounting for approximately 1% of total cryptocurrency trade.
Do you think that EOS will continue to sit as high in the volume rankings once main net launch hype subsides? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
Need to calculate your bitcoin holdings? Check our tools section.
Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.