Throughout the development of the crypto economy, May 2021 recorded the highest trading volume for cryptocurrencies in history. In it, the reported volume on hundreds of crypto exchanges hit an all-time high (ATH) of $ 1,760 billion on May 20. In addition, yesterday’s Bitcoin trading volume was also $ 71 billion.

Daily cryptocurrency trading volume hits all-time high

According to this week’s data, crypto trading volume hit an all-time high on May 20, reaching $ 1,760 billion in 24 hours. Yesterday’s daily trading volume stats were very high at over $ 300 billion. Meanwhile, stablecoins accounted for 50% of global trading volume yesterday, with stablecoins Tether (USDT), Binance UDS (BUSD) and USD Coin (USDC) leading the way.

In addition, there was significant transaction volume of nearly $ 1 trillion in April alone, hitting a 30-day high of $ 708 billion. The record high of $ 1.760 billion was recorded as the total market cap of the cryptocurrency fell from over $ 2 trillion to $ 1.4 trillion. According to statistics from Coincheckup.com, they saw more than $ 1,000 billion in transaction volume almost every day after May 19, 2021.

Source: Coincheckup

Statistics from Coingecko show that global trade volume is also around $ 304.9 billion and the overall valuation of the cryptocurrency economy is $ 1.6 trillion. In addition, the stablecoin market capitalization has also increased, with global trading volume of more than $ 202 billion in the past 24 hours. If the reported numbers are correct, around 50% of the world’s trading volume was in stablecoins yesterday.

Source: CoinGecko

While the US dollar accounts for about 17.9% of BTC transactions today, data shows that 55.28% of the market volume of BTC is paired with Tether (USDT). Tether and the $ 60 billion stablecoin economy have handled the majority of daily crypto transactions for the past 30 days.

Paolo Ardoino, CTO at Tether Limited stated that the company has seen massive volatility in the crypto market in the past few days:

“During these extreme periods, we have seen increased stablecoin activity in the past, as demonstrated by Tether’s recent $ 60 billion milestone, as demand continues to grow. Events like this even support the strength of the ecosystem and help people focus on building again instead of being distracted by price increases. “

Tether isn’t the only stablecoin to show its capabilities during the recent market downturn, especially as USDC and BUSD have become major competitors. USDC currently has a market valuation of around $ 20 billion and BUSD has around $ 8.6 billion.

While USDC has a larger market cap, BUSD has higher trading volume today. At the time of writing, Binance Stablecoin BUSD has traded around $ 9.9 billion in the past 24 hours and USDC has only traded $ 6 billion. Other notable names in terms of market capitalization and daily trading volume of stablecoins yesterday were tokens such as DAI, UST, PAX and TUSD.

Veronica

According to the AZCoin News

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