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XRP and Bitcoin (BTC), two of the five largest crypto assets, have respectively witnessed surges in their trading volumes by 57% and 93% to a combined value of $26.9 billion in the last 24 hours.
The increased trade volume is a product of the recent developments surrounding the broader crypto ecosystem and represents a resurgence of investor interest in these assets. Notably, both assets have held firm above crucial support levels.
XRP Sees $1B+ in Volume
Of the combined $26B+, XRP sees the lower trade volume, totaling $1.03 billion over the past 24 hours. This figure represents a 57% increase from the value recorded in the previous day, per CoinMarketCap data. The last time XRP saw a $1B+ volume was on Oct. 4.
Data places XRP seventh overall in the market regarding 24-hour trade volume out of over 1.8 million tokens. XRP only ranks below Tether (USDT), Bitcoin, Luffy (LUFFY), Ethereum (ETH), USD Coin (USDC), and First Digital USD (FDUSD). XRP’s volume represents 1.58% of the total crypto market volume.
Most of the asset’s trade volume comes from Binance, the world’s largest exchange, and Korean trading platforms. Binance commands 18.02% of XRP’s total volume with its XRP/USDT trading pair, amounting to $153.5 million.
South Korean exchanges Upbit and Bithumb place second and third in market share. Notably, Upbit, Korea’s largest exchange, boasts $71.66 million in volume for the XRP/KRW pair. In addition, Bithumb sees $47.91 million in XRP trade volume. America’s largest exchange, Coinbase, only sees $28.9 million in XRP trade volume.
BTC Records $25.9B+ Trade Volume
Being the premier cryptocurrency, BTC commands one of the largest volumes in the market, second only to the dominant stablecoin USDT. Bitcoin’s volume of $25.9 billion is over 25 times the volume recorded by XRP within the same timeframe.
Bitcoin’s increased trade volume is partly due to the recent false report regarding the approval of BlackRock’s spot BTC ETF. CryptoQuant analyst Maartunn revealed yesterday that BTC’s Taker Buy Volume surged to $5.7 billion while Taker Sell Volume increased to $5.3 billion. These figures represented the largest spike in two years.
It bears mentioning that Bitcoin’s 24-hour volume has not reached the $25 billion mark since Aug. 29, when it peaked at an impressive $29.3 billion. At the time, BTC was also trading in the range of $26K and $28K.
Expectedly, Binance commands most of Bitcoin’s trade volume over the past 24 hours. The exchange’s BTC/FDUSD pair takes 9.16% of the global BTC trade volume, amounting to $1.65 billion. In addition, Binance’s BTC/USDT pair sees a volume of $1.33 billion. Coinbase’s BTC/USD pair comes third, with $500 million.