During July, the majority of leading cryptocurrency markets have produced stagnant or declining volume month-over-month. BTC, USDT, and DASH were the sole top ten markets able to buck the trend, with BTC’s trade volume notably increasing by 4.6%.
BTC Extends Lead Relative to Other Top Markets
As of this writing, more than $131 billion USD worth of trade has reportedly taken place on the BTC markets in the last 30 days. The trading activity has seen BTC extend its lead as the dominant cryptocurrency, with the combined trading volume of the other top ten most traded cryptocurrencies excluding USDT equating to roughly $121 billion.
The 30-day trade volume for the BTC markets has increased by 4.6% over June’s $125.5 billion. However, it is significantly lower than the $185 billion in trade recorded during May.
July also saw BTC extend its dominance by market capitalization – which grew from approximately 42.75% at the start of the month, to 47.5% as of this writing.
USDT Sees Highest Percentage Increase in Monthly Trade Volume for July
Of the top traded cryptocurrencies for July, USDT showed the largest percentage increase in trade volume, gaining 11% over June’s $77 billion to post $85.5 worth of trades during the last 30 days.
ETH has held its position as the third most traded cryptocurrency token, producing roughly $53 in trade during July – which comprises a nearly one billion drop from June.
EOS has maintained its position as the fourth most traded cryptocurrency, however, also suffered the largest percentage drop in 30-day volume. EOS’ trade volume fell from $32 billion, posting a monthly volume of $20.4 billion – a 36% drop in total trading activity.
BCH Volume Grows Slightly
Bitcoin Cash trade volume increased slightly this month, gaining from $14.7 billion in June to $14.85 billion. BCH has continued to hold as the fifth most traded cryptocurrency markets.
Litecoin has held its position as the sixth most traded cryptocurrency for the second consecutive month, after having gained two positions during June. 30-day trade volume for LTC decreased by 7.8%, falling from $9.3 billion in June to $8.57 billion.
The seventh most traded cryptocurrency, XRP, also experienced a notable drop in volume – which fell by nearly 17% from $8.3 billion last month to $6.9 bn in the last 30 days.
Dash Breaks Into Top Ten Most Traded Cryptocurrencies
For the second consecutive month, 30-day volume for Ethereum Classic increased by $100 million month-over-month. ETC is the eighth most traded cryptocurrency with a monthly volume of $6.7 billion.
Tron has held onto the position of ninth most traded cryptocurrency after suffering a significant drop in volume between May and June. TRX posted $5.45 billion in trade for July, comprising a 9% drop from last month’s $6 billion.
DASH pushed into the top ten most traded cryptocurrencies during July, posting $5 billion in 30-day trade volume. DASH beat out QTUM – which despite gaining over 25% in volume month-over-month, sits at eleventh for July with $4.4 billion in trade volume.
12th to 20th Most Traded Cryptocurrencies Tightly Contested
XLM ranked 15th with 2.3 billion in 30-day trade volume, followed by fellow Coinbase prospect ZEC with 2.15 billion. BTM ranked seventeenth with $2.1 billion, followed by MITH with roughly $2 billion, TRUE with $1.8 billion, and ONT with $1.66 billion.
Do you think BTC will continue to extend its dominance in trade volume relative to other cryptocurrencies in coming months? Share your thoughts in the comments section below!
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The post July 2018 Volume Rankings Report: BTC Extends Dominance appeared first on Bitcoin News.