Volume across hundreds of cryptocurrency exchanges on May 20, shows an ATH of $1.76 trillion in daily volume

Throughout the evolution of the crypto economy, May 2021 saw the highest cryptocurrency trading volume in history. In it, on May 20, reported volume on hundreds of crypto exchanges hit an all-time high at $1,760 billion. Furthermore, yesterday’s Bitcoin trading volume also hovered at $71 billion.

Daily cryptocurrency trading volume hits all-time high

According to this week’s data, crypto trading volumes hit an all-time high on May 20, reaching $1,760 billion in 24 hours. Yesterday’s daily trading volume statistics were very high, about 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.

Not only that, April alone saw a significant volume of transactions, close to a trillion as it hit a 30-day high at $708 billion. The record $1.760 billion figure was recorded as the entire crypto market capitalization dropped from over $2 trillion to $1.4 trillion. According to statistics from Coincheckup.com, after May 19, 2021, almost every day they recorded a transaction volume exceeding $1,000 billion.

volume-across-hundreds-of-cryptocurrency-exchanges-on-may-20-shows-an-ath-of-1-76-trillion-in-daily-volume

Source: Coincheckup

Statistics from Coingecko show that the global trade volume also hovers around $304.9 billion and the overall cryptocurrency-economy valuation at $1.6 trillion. Additionally, the stablecoin market cap has also surged, showing more than $202 billion in global trade volume over the past 24 hours. If the reported numbers are correct, about 50% of global trade volume yesterday was with stablecoins.

volume-across-hundreds-of-cryptocurrency-exchanges-on-may-20-shows-an-ath-of-1-76-trillion-in-daily-volume

Source: CoinGecko

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

Paolo Ardoino, CTO at Tether Limited explained that the company has seen massive volatility in the crypto market in recent days:

“During these extreme episodes, we’ve historically seen an uptick in stablecoin activity, made evident by Tether’s recent US$60 billion milestones as demand continues to grow. Events like these even support the ecosystem’s strength and help everyone refocus back to building rather than the distraction of token price gains.”

Tether is not 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 a higher trading volume today. At the time of writing, Binance stablecoin BUSD has around $9.9 billion in trade over the past 24 hours and USDC has only $6 billion. Other notable names in terms of both market capitalization and daily trading volume of stablecoins yesterday included tokens like DAI, UST, PAX, and TUSD.

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