September Report Shows Altcoins See Increase in Trade Activity
September saw all but 3 out of top 20 cryptocurrency markets post an increase in monthly trade volume. XRP pairings saw the strongest month-over-month volume gain, with 30-day volume tripling when compared with August.
USDT and ETH Post Strongest Volume Since Q2
Despite relative stagnancy in monthly BTC trade volume, an increase in altcoin trade appears to have corresponded with an increase in USDT and ETH trading activity. Around $124.3B worth of trade take place across all BTC pairings comprising a meager 0.24% increase in trading activity over August’s $124B, and marking September as the 2nd weakest month of trade for BTC pairings this year. Trade volume for USDT pairings increased by almost 4.5% month-over-month with $86.5B worth of USDT changing hands. ETH pairings broke a multi-month trend of declining trade volume, with September’s $53.8B comprising a 17.6% increase over August’s $45.75B.
Monthly XRP Trade Volume Triples
XRP posted a dramatic increase in trade activity disrupting the top rankings by volume to rank as the fourth most-traded cryptocurrency pairing after ranking 7th for 4 consecutive months. XRP pairings saw $24.7B worth of trade take place a 216% increase over August’s $7.8B. EOS was the 5th most traded cryptocurrency with $20B in trade. Despite slipping down a place in the rankings, EOS posted a 10.5% increase in trade volume over August’s $18.1B. BCH pairings produce $12.9B worth of trade comprising a 26.5% increase in volume over August’s $10.2B. LTC was the 7th most traded cryptocurrency with $9.6B trade. The month saw a 34.5% increase in trade volume over August’s $7.14B and comprised the strongest month for LTC trade since May.
Monthly ETC Trade Volume Drops by One Third
Dash has continued its steady climb up the top rankings gaining one place for the 2nd consecutive months since reclaiming its top 10 position in July. Dash was the 8th most traded cryptocurrency with nearly $6.5B in volume a 23.5% increase over August’s $5.26B. ETC has broken its four-month-long trend of increasing volume month-over-month after sliding to ninth with $5.1B in 30-day trade volume. ETC was the only top 10 cryptocurrency market to post a drop in month-over-month volume posting 35.5% drop in volume compared with August’s $7.9B. CKUSD climbed 2 places to rank in the top 10 most traded cryptocurrencies with $4.07B in trade. CKUSD post a 21% increase in volume over August’s $3.36B.
Most Top 20 Altcoins Post Volume Increase
QTUM moved one place up the rankings to 11th after posting $3.64B in trade, despite volume dropping by 9% from August’s $4B. TRX moved up one rank to 12th with $3.52B in trade a 2% gain over August’s $3.45B. ZEC maintained its position at 13th after posting $3.36B in trade a nearly 16% gain over last month’s $2.9B. NEO moved up 3 places to rank 14th after producing $2.61B in 30-day volume a 30% gain over the $1.83B in trade posted last month.
XLM has held its position at 15th for the 3rd consecutive month after posting $2.3B wiyh 18.5% gain over August’s $1.94B. ADA has maintained its rank at 16th for the 2nd month in a row. ADA posted $2.1B in trade volume with 14.1% gain over last month’s $1.84B. ONT fell 4 positions to rank 18th this month. ONT posted $1.45B in monthly trade volume a 38% drop from last August’s $2.34B. BIX gained 2 positions to rank 17th after posting $2.02B in trade. BTM appeared on the top 20 rankings after posting 1.34B in trade. XMR ranked 20th for volume this month, producing 1.05B in trading activity.