After steady growth throughout the third quarter of the year, September has been pretty dynamic for the global crypto market.
Over the past few weeks, the world’s leading digital coins all witnessed significant price drops, following a ban on cryptocurrency transactions and mining from China’s central bank, which declared all cryptos illegal in the country. The new hit on the crypto market has also affected trading activity.
Meet Tether, the most important coin in the crypto space
According to data from Mejores Apuestas, Tether remained the most important coin in the crypto space, with a monthly trading volume of nearly $2.8 trillion in September.
As the world’s most traded cryptocurrency, Tether has seen its trading volume jump by 56% in September. In August, the world’s most used stable coin hit close to $1.8 trillion in monthly trading volume, $100 billion less than Shiba Inu, which topped the list that month. However, statistics show this figure surged by more than $1 trillion in the last 30 days.
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Bitcoin and Ethereum have also seen their trading volumes jump last month. Before the recent downturn, Bitcoin mainly had been on the rise following a drop under $30,000 in July.
Since topping $52,000 on September 6, the price of the world’s most expensive crypto has hovered around $45,000 ever since, struggling to get back above $50,000 until recently when it jumped to a nearly five-month high above $55,000 on Wednesday.
Data from CoinMarketCap showed that Bitcoin was the second most-traded crypto in September, with almost $1.2 trillion in monthly trading volume, 53% more than in August.
As the world’s second-largest crypto by market cap, Ethereum witnessed even more significant trading volume growth. Statistics show the combined value of all Ethereum coins traded in September amounted to $750 billion, up from $393 billion a month before.
Ethereum Classic climbed three places on the list and ranked as the fourth most-traded crypto in September. Last month, its trading volume jumped by 79% to $220 billion. USD Coin, which didn’t even rank among the most traded cryptos in August, closed the top five list, with $214.8 billion, respectively.
Binance USD and Litecoin trading volume jumped in September
JUST, which ranked as the fifth most-traded digital coin in August, dropped to thirteenth place last month, with a 30-day trading volume of $86.8 billion. Cardano’s monthly trading volume also plunged and hit $65.2 billion in September, causing the crypto to drop from sixth to fourteenth place in a month.
On the other hand, Binance USD and Litecoin have seen their trading volumes surge in September. The two cryptos ranked sixth and seventh on the list, with a monthly trading volume of $192 billion and $167 billion, respectively. XRP also climbed one spot with over $149 billion in 30-day purchase volume, compared to $97.3 billion in August.
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Solana, the ninth most-traded crypto in September, has also seen impressive growth, with its monthly trading volume reaching $130.2 billion. Moreover, the CoinMarketCap data showed Solana was the fastest growing digital coin in the crypto space this year.
Between January and September, the price of the Ethereum competitor soared by a staggering 9,087% to $147, which is 28 times the growth rate of Ethereum or 185 times more than the growth of Bitcoin in this period.
Bitcoin Cash closed the top ten list, with $116.5 billion in monthly trading volume, up from $80.3 billion in August.
