The cryptocurrency market experienced a significant drop in trading volume for the month of April, with all major cryptocurrencies seeing double-digit declines. This trend marks a departure from historical data, as April has traditionally been a strong month for Bitcoin and other cryptocurrencies, bringing the biggest average monthly returns. However, this year, Bitcoin's monthly gain was only 3%, significantly lower than the 21% gain seen in March.
Bitcoin's trading volume in April was down by almost $700bn, amounting to $492.9bn, or 58% less than the almost $1.2trn seen a month before. Tether, Ethereum, USD Coin, and Binance USD also saw a significant decline in trading volume of 38%, 28%, 38%, and 28%, respectively. XRP slipped two spots and ranked as the eighth most-traded digital coin in the crypto space, with $24.3bn in trading volume. Still, its monthly trading volume plunged 74% compared to March, showing the biggest drop among the top ten cryptos.
Interestingly, TrueUSD climbed to the sixth spot of the most-traded cryptos in April, with $41.1bn worth of transactions last month, four times more than Polygon and Solana and almost six times more than Dogecoin, which didn't even rank on the top ten list in April.
The drop in trading volume may suggest that investors are adopting a wait-and-see approach or moving their capital to other cryptos. Despite the decline in trading volume, some cryptocurrencies saw significant gains in April. As the crypto market continues to mature and evolve, it will be interesting to see how these trends continue to play out.
Source: BitcoinCasinos
