The significant bearish momentum experienced across cryptocurrencies throughout November drove a significant increase in monthly trade volume among the leading markets.
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The second most-traded cryptocurrency, USDT, also saw a dramatic increase in trade volume, with $106.5 billion worth of the stablecoin changing hands. November has been the strongest month for USDT trade in the second half of 2018, with volume up more than 53 percent from October.
ETH also posted its strongest 30-day trade volume since May, with over $58.8 billion worth of the currency changing hands in November. ETH saw a 42.7 percent gain in trade activity month over month.
XRP held its rank as the fifth most-traded cryptocurrency in November, reaching a 30-day trade volume of roughly $21 billion. Monthly trade volume increased 54.4 percent from October, marking one of the strongest months for XRP in 2018. However, its 30-day trade volume failed to match the $24.7 billion in trade activity recorded for XRP pairings during September.
LTC ranked as the seventh most-traded cryptocurrency in November for the third month in a row. When compared with October, the LTC markets saw a 42.4 percent increase in trade activity. By trade volume, November was the strongest month for LTC pairings in the second half of 2018.
ETC climbed two spots in the monthly volume rankings to eighth place, with almost $5.27 billion in volume. Despite posting a 25 percent increase in monthly trade activity, ETC pairings recorded their third-weakest monthly volumes this year.
NEO had its strongest month in the second half of 2018, with trade activity hitting roughly $5.57 billion. Trading rose 21 percent month over month, pushing it down one position to rank as the 10th most-traded cryptocurrency.
CKUSD also hit its strongest monthly volume level for the second half thus far, with nearly $4.5 billion in trade. November saw a month-over-month increase in trade activity of more than 32 percent, driving CKUSD up one position to finish as the 11th most-traded cryptocurrency.
ZEC produced its strongest 30-day trade volume for the second half of 2018, at $4.07 billion. ZEC recorded a month-over-month volume increase of 16.3 percent, pushing it up one rank to become the 13th most-traded cryptocurrency in November.
Although it only traded for two weeks in November, BSV posted $3.27 billion in trade volume to rank as the 14th most-traded cryptocurrency.
TRX was the only leading currency to post a drop in month-over-month volume. TRX pairings produced $2.42 billion in trade volume in November, down 34 percent from October. It lost five positions to rank as the 16th most-traded cryptocurrency.
ONT also re-entered the top 20, gaining eight positions to rank as the 20th most-traded cryptocurrency. ONT posted $946 million in 30-day trade volume, up 50 percent month over month.
Do you think that trade volume will continue to increase in the coming months? Share your thoughts in the comments section below.
Images courtesy of Shutterstock
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The post November Volume Rankings: Bearish Momentum Drives Surge in Trade appeared first on Bitcoin News.
Source: NewsBtc
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