Bitcoin trading volume soared in February, reflecting a month of extreme volatility across the cryptocurrency market. As the crypto landscape experienced sharp declines and intense trading activity, Bitcoin led the charge in heightened investor movement.
Solana and Dogecoin saw the steepest losses, each dropping more than 40% by the end of the month. Bitcoin, which had surged past $100,000 earlier in the year, fell 21%, settling around $80,000. This rapid drop triggered both panic selling and strategic buying, driving Bitcoin trading volume to unprecedented levels.
According to data from CryptoPresales.com, Bitcoin trading volume skyrocketed by $650 billion in February, marking one of the most active months in recent crypto history. Other major digital assets also saw increased volatility, reinforcing the market’s unpredictable nature.
All Major Cryptocurrencies Saw a Double-Digit Trading Volume Growth
Much like September and October, February tends to be an unpredictable month for crypto, often transitioning into stronger market performances in March and April. If January is bearish, like in 2018 and 2022, February typically struggles to break out of the downtrend. However, in bull market years like 2013, 2017, and 2021, February has often marked the beginning of major price surges.
Despite a strong start to the year, February saw crypto prices nosedive, fueling a surge in trading activity. While some investors took advantage of lower prices, many turned to panic selling, shifting funds into stablecoins for security. Bitcoin trading activity remained at the center of this market movement, solidifying its role as the primary driver of cryptocurrency trends.
The CoinMarketCapa data show that Tether, the leading stablecoin, witnessed a 48% spike in trading volume, soaring to a staggering $4.15 trillion in just one month. Bitcoin remained the second most-traded crypto, hitting a jaw-dropping $2.33 trillion in trading volume, or 37% higher than in January. All other top-traded cryptos have also seen a double-digit trading volume growth.
Ethereum, for example, recorded $919.8 billion in transactions, marking a 58% increase from January. USDC and XRP followed with 41% and 14% jumps, reaching $369 billion and $214 billion in trading volume, respectively. First Digital USDC witnessed the biggest monthly increase among all top cryptos, with its trading volume soaring by 95% to $329 billion. Solana and Dogecoin followed with around 20% increase and $136 billion and $66 billion in monthly trading volumes, respectively.
Top 10 Cryptos See Monthly Trading Volume Surge by $2.5 Trillion
The cumulative trading volume of the top ten cryptocurrencies underscores February’s explosive trading activity. Statistics show the combined monthly trading volume of the ten most traded cryptos stood at $6.08 trillion in January. By the end of last month, that number had skyrocketed by $2.5 trillion, reaching a massive $8.6 trillion in total.
