Market action during June has seen a significant slump in trade volume, with the majority of the ten most traded cryptocurrencies experiencing a drop in volume of between roughly 17% and 57% when compared with May.
Month-Over-Month 30-Day Trade Volume Declines Across Crypto Markets
BTC has maintained its significant lead as the most traded cryptocurrency, with BTC pairings producing roughly $125.6 billion USD worth of trade over the course of the last 30 days. Compared with May’s 30-day volume of approximately $185 billion, the BTC markets have seen a 32% loss in trade volume.
Unlike last month, the combined volume of the second and third most traded cryptocurrencies combined surpassed that of BTC – with Tether and Ethereum producing roughly $130 billion in trade combined.
The 30-day volume of USDT has seen among the smallest percentage loss incurred by a top ten cryptocurrency – declining 17.2% from $93 billion last month to $77 billion during June. The monthly trade volume for ETH fell almost 30% from May’s $76.6 to approximately $53.8 billion this month.
EOS has held its position as the fourth most traded cryptocurrency during June, however, shed nearly 33% of its trading volume – dropping from $47.5 billion last month to roughly $32 billion during the last 30 days.
Volume Rankings Remain Mostly Stable During June
The 30-day trade volume for BCH pairings dropped significantly this month, with June’s $14.7 billion in trade comprising a 47.5% drop from May’s $28 billion.
Despite the monthly volume for LTC falling by 21% when compared with May, Litecoin has climbed from the 8th most traded cryptocurrency last month, with $11.9 billion in trade, to rank 6th for June with $9.3 billion.
XRP has maintained its position as the seventh most traded cryptocurrency this month, producing $8.3 billion in trade during the last 30-days. Compared with May, XRP has lost 39% of its trade volume, which fell from $13.7 billion to $8.3 billion.
Ethereum Classic was the only top ten cryptocurrency market by volume to see an increase in trading activity during June. The ETC markets produced $6.6 billion in volume this month – a roughly 1.5% increase over May’s $6.5 billion.
Of the ten most traded cryptocurrencies, TRON saw the greatest loss in volume. Trading activity for TRON pairings fell 57% from 6th position with $14 billion last month, to 9th in June with $6 billion.
QTUM was the tenth most traded cryptocurrency over the last 30 days with nearly $3.5 billion in trade.
Do you think the markets will continue to experience a decline in monthly trade volume? Share your thoughts in the comments section below!
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