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January Markets Report: MKR, TRX and ZEC Among Top 10 by Volume


news.bitcoin.com 01 February 2019 08:10, UTC
Reading time: ~4 m

The first month of 2019 has seen a slight decline in 30-day trading volume across many leading markets. Bucking the trend, however, were ETH, LTC, MKR, TRX, and ZEC, all of which saw a significant spike in trade activity. Stablecoins have continued to see an increase in trade activity, with ckusd and the Gemini dollar posting significant gains in month-over-month volume also.

Also Read: European P2P Trade Posts Strongest Activity Since March 2018

ETH Sees 14% Gain in Monthly Trade Activity

BTC posted a 2% drop in 30-day trade volume, with $154.19 billion worth of bitcoin core changing hands during January. USDT trade also fell by approximately 2% this past month, with tether pairings generating $113.17 billion worth of trade during the last 30 days.

January posted the second-strongest month of trade for USDT pairings since the first half of 2018. ETH saw among the highest increase in monthly trade volume of the top cryptocurrency markets.

ETH pairings produced $77.72 billion worth of trade during January, a 14% gain month-over-month. The preceding 30 days comprised the strongest month of ETH trade since May 2018.

LTC Trade Spikes While XRP Volume Slides

January saw EOS post a 15% decline in monthly trade activity, with EOS pairings producing $21.48 billion worth of trade during the last 30 days.

LTC saw its highest ranking in over one year for 30-day trade volume this past month, with more than $16.97 billion worth of LTC changing hands during January. The past 30 days saw a nearly 29% gain in month-over-month volume for LTC pairing, comprising the strongest month of LTC trade since the first half of 2018.

XRP slid to rank sixth with $13.56 million during January. The month saw ripple post its lowest numerical ranking since August 2018, comprising a nearly 22% decline in month-over-month trade.

MKR, TRX, and ZEC Produce Surge in Monthly Trade Activity

MKR comprised the seventh most traded crypto asset during January, owing to an enormous spike in trade activity on Jan. 9 that saw 24-hour volume increase 1,799,900% from approximately $500,000 on Jan. 8 to more than $9 billion the following day.

TRX also saw a dramatic spike in 30-day trade this past month, ranking eighth with $7.62 billion worth of trade. TRX posted a nearly 157% gain in month-over-month trade volume.

BCH posted the weakest 30 days of trade on record during January, ranking ninth with just $6.34 billion worth of bitcoin cash changing hands. January saw BCH post a month-over-month decline in trade activity of nearly 36%.

ZEC produced a significant gain in monthly trade activity, breaking into the top 10 with $5 billion worth of zcash changing hands during the last 30 days. January saw the strongest monthly ZEC volume since the first half of 2018, comprising a 32% rise in month-over-month trade activity.

QTUM and Dash Slip From Top 10

Despite posting slight gains in 30-day trade activity, both QTUM and dash fell from the top 10, ranking 11th and 12th with $4.92 billion and $4.19 billion in volume during January.

Ckusd posted its second strongest monthly volume since the first half of 2018, with the stablecoin ranking 13th with $4.17 billion in trade over the last 30 days. Ckusd pairings produced a month-over-month spike in trade activity of 48% during January.

Neo slipped one rank during January after a slight drop in monthly trade activity. Neo comprised the 14th most-traded cryptocurrency over the last 30 days, with neo pairings generating $3.6 billion worth of trade.

ETC also dropped from the top 10, ranking 15th with $3.60 billion in 30-day trade. The month saw ETC volume drop by 15% month-over-month, comprising the weakest month of ethereum classic trade since 2017.

XLM posted its second strongest month since the first half of 2018, ranking 16th with $3.24 billion worth of trade during the last 30 days.

Stablecoins Continue to Rank Among Top 20-Most Traded Crypto Assets

January saw a continuation of the recent growth in stablecoin volume, with the Gemini dollar ranking among the 20 most-traded crypto assets for the first time with $2.89 billion worth of trade.

Paxos ranked as a top 20 most-traded cryptocurrency for the third consecutive month, gaining nearly 9% in month-over-month trade to ranked 18th with $2.23 billion.

BSV saw a 46% drop in trade activity month-over-month, ranking 19th with $2.01 billion.

Trueusd also ranked among the top 20 cryptocurrency markets by trade volume for the third consecutive month during January, gaining 11% to rank 20th with $1.60 billion in trade over the last 30 days.

Do you think volume will grow or continue to decline for most cryptocurrency markets during 2019? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

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