Global Cryptocurrency Trading Volumes Jump to 300-Day Highs

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The total volume of all cryptocurrency trading as tracked by market metrics leader Coinmarketcap hit a 300-day high Tuesday, reaching $33.85 billion, the most observed in 10 months.

As such, the data point is the latest to suggest that trading activity in the cryptocurrency markets is increasing – Coinmarketcap tracks the aggregate trading volume of 2,074 cryptocurrencies, including data about how they are being bought and sold across exchanges worldwide.

Daily cryptocurrency trading volume

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But, the data hints that there may be more nuance at work than simply a market-wide surge; a large majority of yesterday’s trading volume came from the 10 largest cryptocurrencies by market cap.

The aggregate trade volume from the top 10 alone was roughly $30 billion, or 88 percent of all trading volume seen Tuesday. Bitcoin (BTC) and tether (USDT) recorded 24-hour trade volumes above $9 billion, each accounting for roughly 27 percent of the 24-hour total.

Still, the uptick in trading volume shows a renewed investor interest in the market, which perhaps should not come as a surprise seeing as the value of the broader cryptocurrency market has increased roughly 12 percent in the last seven days.

That said, trading volumes are still a fraction of what was seen toward the end of the most recent bull market in 2017. The most trading volume ever recorded in a single day occurred on Jan. 4, 2018, when just over $68 billion in cryptocurrency changed hands, an amount that’s more than double yesterday’s total.

Trading volumes are off to another strong start today, recording $29.8 billion at press time. Since the beginning of the week, $96.9 billion in total has been traded, which is already 68 percent of the volume recorded in the prior week, which at the time was a near nine-month high.

Disclosure: The author holds BTC, LTC, ETH, ZEC, AST, REQ, OMG, FUEL, ZIL, 1st and AMP at the time of writing.

Trading image via Shutterstock; charts from charts.cointrader.pro by TradingView

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