Home Business News Three leading Cryptocurrencies hit $1.2trn in monthly trading volume

Three leading Cryptocurrencies hit $1.2trn in monthly trading volume

by Peter Smyth Tech Journalist
21st Jul 20 3:12 pm

Cryptocurrencies continue to draw a lot of attention from investors, especially after positioning as an inflation hedge during the coronavirus crisis.

According to data gathered by BuyShares.co.uk, the three leading cryptocurrencies reached $1.2trn in monthly trading volume. With almost $575bn value traded in the last 30 days, Tether ranked as the leading cryptocurrency.

Tether trading volume 20% higher than Bitcoin’s

As the world’s most widely used cryptocurrency, Tether reached nearly $17bn in daily purchase volume at the beginning of this week, revealed the CoinMarketCap data. Statistics also show the most popular stablecoin hit almost $107bn in weekly trading volume.

With a $445bn value traded in the last 30 days, Bitcoin ranked as the second most-used cryptocurrency. Although leading both in terms of price and market capitalization, Bitcoin reached $13.4bn in daily trading volume, and $85bn in weekly trading volume, 20% less than Tether.

Statistics show Ethereum represents the third most-traded cryptocurrency in the last month. Ethereum daily trading volume amounted to $6.1bn at the beginning of this week, while the monthly purchased volume reached $187.8bn.

Over 6m new Blockchain wallet users in 2020

The growing number of investors choosing cryptocurrencies as a shelter during the stock market fluctuations has been followed by the surge in the blockchain wallet usage. Blockchain wallets allow users to manage, and store cryptocurrencies and their number significantly increased in 2020.

At the end of 2019, 44.6m people were using the crypto wallets, revealed Statista and Blockchain.info data. In the next three months, this figure jumped over 47m. Statistics show the number of blockchain wallet users amounted to 50.7m as of the second quarter of 2020, almost six million increase since the beginning of the year.

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