September has not been a bad month in as far as Cryptocurrency business is concerned. The month witnessed all apart from three of the leading twenty virtual coin markets report a great growth in monthly trade amounts.
When compared to the month of August, the XRP pairings witnessed the strongest month-over-month volume increase, with a triple of the previous 30-day volume.
Bitcoin Stagnates As Ethereum And USDT Post High Volumes
Even though Bitcoin had earlier experienced relative stagnancy in its monthly trade volume, the September increase in Cryptocurrency trade seems to have corresponded with an increase in the trading activities of both Ethereum and US Dollar Tether.
An estimate of $124.3 billion worth of trade was seen in all the Bitcoin pairings in the month that had just ended. This represented a 0.24% increase in trading activities over the $124 billion that was recorded in August.
For Bitcoin pairings in 2018, September now becomes the second weakest month. Trade volumes for the US Dollar Tether pairings grew by nearly 4.5% month-over-month, with a total of $86.5 billion worth of US Dollar Tether being traded in the whole month of September. The Ethereum pairings also broke a multi-month trend of lowering the trade volumes. In September, the total trade volume for ETH was $53.8 billion, which represented an increase of 17.6% as compared to $45.75 billion that was recorded in August.
The Trading Volumes Of Ripple Triples
If there is one altcoin that posted a dramatic growth in trade activity for the previous month, then it has to be XRP. It managed to disrupt the highest rankings in terms of trade volumes to become the 4th most traded virtual coin pairing. This came after having ranked seventh for four consecutive months. During the month of September, Ripple pairings witnessed $24.7 billion worth of trade occur, representing a 216% increase over $7.8 billion over August.
The fifth most traded virtual coin for the month that ended was EOS, and it had $20 billion in total trade. Even though it slipped down its original place in the rankings, it still managed to post a 10.5% increase in trade volume over the $18.1 billion that was witnessed in August.
Bitcoin Cash also featured in the top list with $12.9 billion worth of trade recorded in September, representing a 26.5% increase in volume over the $10.2 billion that was recorded in August.
The seventh most traded digital coin after Bitcoin Cash was LTC, with a total of $9.6 billion traded in September 2018. The month witnessed an incredible 34.5% increase in the volumes of trade as compared to $7.14 billion that was witnessed in August.
Most Leading Cryptos Saw Volume Increase
After posting $3.64 billion in trade for the month of September, QTUM rose to the eleventh position in the rankings of the virtual coins. This is despite the fact that the volume dropped by 9% from $4 billion that was recorded in August.
On the other hand, TRX moved up one rank to position 12 in the September 2018 rankings with a $3.52 billion in trade. This is a 2% increase when compared to the $3.45 billion traded in August 2018.