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September Volume Report: Altcoins See Increase in Trade Activity
September saw all but three of the top twenty 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.
_**Also Read: **Markets Update: Crypto-Traders Patiently Wait for a Break Out _
BTC Stagnates, USDT and ETH Post Strongest Volume Since Q2
Despite relative stagnancy in monthly BTC trade volume, an increase in altcoin trade during September appears to have corresponded with an increase in USDT and ETH trading activity.
September saw approximately $124.3 billion USD worth of trade take place across all BTC pairings – comprising a meager 0.24% increase in trading activity over August’s $124 billion, and marking September as the second weakest month of trade for BTC pairings this year.
Trade volume for USDT pairings increased by almost 4.5% percent month-over-month – with $86.5 billion worth of USDT changing hands during September.
ETH pairings broke a multi-month trend of declining trade volume, with September’s $53.8 billion comprising a 17.6% increase over August’s $45.75 billion.
Monthly XRP Trade Volume Triples
XRP posted a dramatic increase in trade activity for September, disrupting the top rankings by volume to rank as the fourth most-traded cryptocurrency pairing after ranking seventh for four consecutive months. XRP pairings saw $24.7 billion worth of trade take place during September – a 216% increase over August’s $7.8 billion.
EOS was the fifth most traded cryptocurrency during September, with $20 billion in trade. Despite slipping down a place in the rankings, EOS posted a 10.5% increase in trade volume over August’s $18.1 billion.
Bitcoin Cash pairings produce $12.9 billion worth of trade during September, comprising a 26.5% increase in volume over August’s $10.2 billion.
LTC was the seventh most traded cryptocurrency during September – with $9.6 billion trade. The month saw a 34.5% increase in trade volume over August’s $7.14 billion 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 second consecutive months since reclaiming its top ten position in July. During September, Dash was the eighth most traded cryptocurrency with nearly $6.5 billion in volume – a 23.5% increase over August’s $5.26 billion.
ETC has broken its four-month-long trend of increasing volume month-over-month after sliding to ninth with $5.1 billion in 30-day trade volume. Ethereum Classic was the only top ten cryptocurrency market to post a drop in month-over-month volume during September – posting 35.5% drop in volume compared with August’s $7.9 billion.
CKUSD climbed two places to rank in the top ten most traded cryptocurrencies for September with $4.07 billion in trade. September saw CKUSD post a 21% increase in volume over August’s $3.36 billion.
Most Top 20 Altcoins Post Volume Increase
QTUM moved one place up the rankings to eleventh during September after posting $3.64 billion in trade, despite volume dropping by 9% from August’s $4 billion.
TRX moved up one rank to twelfth for September with $3.52 billion in trade – a 2% gain over August’s $3.45 billion.
ZEC maintained its position at 13th after posting $3.36 billion in trade- a nearly 16% gain over last month’s $2.9 billion.
NEO moved up three places to rank fourteenth after producing $2.61 billion in 30-day volume – a 30% gain over the $1.83 billion in trade posted last month.
XLM has held its position at fifteenth for the third consecutive month after posting $2.3 billion in during September – an 18.5% gain over August’s $1.94 billion.
ADA has maintained its rank at sixteenth for the second month in a row. ADA posted $2.1 in trade volume during September – a 14.1% gain over last month’s $1.84 billion.on in trade – a 25% gain over August’s $1.615 billion.
ONT fell four positions to rank eighteenth this month. ONT posted $1.45 billion in monthly trade volume – a 38% drop from last August’s $2.34b.
BIX gained two positions to rank seventeenth during September after posting $2.02 billion in trade.
BTM appeared on the top twenty rankings during September after posting 1.34 billion in trade.
XMR ranked twentieth for volume this month, producing 1.05 billion in trading activity.
Do you think that volume in the altcoin markets will continue to increase? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
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