New Delhi: Bitcoin trading volume plunged nearly $700 billion in April, which has historically been seen as one of the strongest months for bitcoin and other cryptocurrencies, bringing in the largest average monthly returns, a report said on Wednesday. is shown.
Although bitcoin soared above $30,400 on April 18, its highest level since early June, its monthly gain was only 3 percent, down from March’s 21 percent and typically seen in the fourth month of the year. was much less than profitable. For data by BitcoinCasinos.com.
The report noted, “A significant drop in bitcoin trading volume following a price rally could show investors to adopt a wait-and-see approach or shift their capital to other cryptos.”
According to data from Coinmarketcap, bitcoin’s monthly trading volume stood at $492.9 billion in April, down 58 percent from the roughly $1.2 trillion seen a month earlier.
However, bitcoin was not the only digital coin whose monthly trading volume decreased in April.
The statistics show that all major cryptocurrencies saw double-digit declines.
“Tether’s trading volume declined by 38 percent month-on-month to $730.5 billion. Ethereum saw a 28 percent decline and saw 30-day trading volume decline by nearly $230 billion,” the report said.
USD Coin, the fourth most-traded digital coin in the crypto space last month, saw a drop of 38 percent and a monthly trading volume of $97.5 billion.
Binance USD, as the fifth most traded crypto in April, reached $75.5 billion worth of trades, or 28 percent less than in March.
CoinMarketCap data shows that TrueUSD climbed to the sixth spot of the most traded crypto in April.
The USD-backed stablecoin saw transactions of $41.1 billion last month, more than four times more than Polygon and Solana, and nearly six times more than Dogecoin, which topped April despite being promoted by Twitter CEO Elon Musk. Didn’t even make it to the list of 10. ,