The crypto market continues booming, with some digital coins reaching all-time highs despite the crypto price crash in May.
According to data presented by Block Arabia, Tether, Bitcoin, and Ethereum still rule the crypto space as the three most traded cryptocurrencies. However, some other digital coins also witnessed an increased trading volume in the last seven days. Here is the list of the five most traded cryptos last week.
Tether’s Weekly Trading Volume Hit $583B, more than other Four Cryptos Combined
Although Bitcoin is still by far the most popular cryptocurrency and its price movement has a strong impact on the rest of the market, it still wasn’t the most traded crypto on online exchanges.
Based on the 7-day trading volume, Tether took that position ahead of Bitcoin. The CoinMarketCap data showed Tether’s weekly trading volume hit over $583bn, more than the other four cryptocurrencies on the list combined. Moreover, statistics show the market cap of the world’s most used stable coin tripled since the beginning of 2021, jumping from $21bn in January to over $65bn this week.
With $250.2bn in 7-day trading volume, Bitcoin ranked as the second most traded digital coin in the crypto space. Statistics also show the price of the world’s most expensive cryptocurrency recovered significantly in the last month. After reaching an all-time high of over $62,500 in April, Bitcoin’s price halved to around $32,500 at the end of July. However, this figure jumped by 52% in the last 30 days, reaching $49,500 this week.
Ethereum ranked as the third most-traded crypto last week, with $184bn in 7-day trading volume. Also, statistics show the world’s second-largest crypto witnessed one of the most significant market cap increases this year. According to CoinMarketCap data, the combined value of all Ethereum coins surged by a massive 368% YTD to $392.5bn.
XRP and Binance USD Round the Top Five List with Over $50B in Weekly Trading Volume
Although Dogecoin, without a doubt, is the fastest-growing digital coin in the crypto space this year, the original meme coin wasn’t among the five most traded cryptos last week.
With $56.8bn in 7-day trading volume, XRP ranked fourth in the list, one spot above Binance USD as the fifth most-traded crypto. Statistics show the two digital coins hit over $50bn in weekly trading volume, or around 45% more than Dogecoin, which ranked seventh.
However, the popular meme coin still convincingly leads in YTD market cap growth. Statistics show the combined value of all Dogecoins soared by a staggering 6,800% since the beginning of 2021, reaching $41.4bn this week, which is eighteen times the growth rate of Ethereum or 93 times more than the growth of Bitcoin in this period.