On the eve of the 10th anniversary of the initial publication of the Bitcoin whitepaper, the cryptocurrency markets recorded their weakest month for trading volume in all of 2018. Most of the leading markets saw a significant decline in trading activity throughout October, but NEO, TRX, QTUM and ZEC posted month-over-month volume increases.
BTC, USDT, ETH and EOS Hit
Lowest Points of the Year
October saw $41.2 billion in trade for ETH pairings, down 30 percent from the $53.8 billion recorded in the preceding month. EOS, meanwhile, returned to its position as the fourth most-traded cryptocurrency, with a 30-day trade volume of $13.94 billion — down 30 percent from $20 billion in September.
XRP and LTC Hit Second-Strongest Levels Since May
BCH was the sixth most-traded cryptocurrency in October, hitting $9.5 billion in trade volume over the past 30 days. BCH saw a 26 percent reduction in trading volume, down from $12.9 billion in the preceding month.
LTC ranked as the seventh most-traded cryptocurrency for the third consecutive month. About $9.14 billion of LTC changed hands in October, down 4.8 percent from $9.6 billion in September.
DASH posted a 30-day trade volume of 5.16 billion, settling at eighth place for the second consecutive month. Trading of the currency fell 20.6 percent from $6.5 billion in September.
NEO Breaks Into Top 10
NEO saw a massive 76.25 percent increase in trade volume in October, to rank ninth for the month. Approximately $4.6 billion worth of the currency has changed hands in the past 30 days, up from $2.61 billion in September.
ETC fell one position to rank 10th on the list of the most-traded cryptocurrencies in October. It hit a 30-day trading volume of $4.2 billion for the month, down 17.65 percent from $5.1 billion in September.
TRON, QTUM, and ZEC Post Modest Volume Gains
CKUSD posted a 16.5 percent drop in trading volume at $3.4 billion, down from $4.07 billion in September. CKUSD ranked 12th for the month, sliding two positions from the preceding four-week period.
Despite recording a slight 2.5 percent increase in 30-day trade volume, QTUM fell two places to 13th on the list of the most-traded cryptocurrencies in October. About $3.73 billion worth of the currency traded hands for the month, up from $3.64 billion in September.
Trading of ZEC fell 4.16 percent month over month to $3.5 billion. Despite rising slightly by volume from $3.36 billion in September, the currency slid one place to rank as the 14th most-traded cryptocurrency in October.
BIX climbed two places to rank as the 15th most-traded cryptocurrency over the past 30 days. The currency posted a monthly trading volume of $1.42 billion, down nearly 30 percent from $2.02 billion in September.
Stellar recorded a monthly volume of $1.33 billion, sliding one position to rank as the 16th most-traded cryptocurrency for October, following three consecutive weeks during which it ranked 15th. Trading of Stellar fell 42.17 percent by volume from $2.3 billion in September.
New Entrants in Top 20
BTM ranked 19th for the second consecutive month, with $920.8 million traded, despite falling 31.3 percent by volume, from $1.34 billion in September.
BNB, meanwhile, settled at 20th place in October, with $853.6 million worth of the currency changing hands over the last 30 days.
Do you think that the 10th anniversary of the Bitcoin whitepaper will drive greater trading volume across the cryptocurrency markets? Share your thoughts in the comments section below!
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