While the cryptocurrency market is still trying to find its way, trade volume has significantly increased for Bitcoin (BTC), XRP, and Polygon (MATIC). All three cryptocurrencies' trading volume has risen to levels unseen in more than a month.
Trading Volume for BTC, XRP, and MATIC Increases
According to Santiment, an on-chain data platform, Bitcoin's trading volume exceeded $10.37 billion during its peak trading activity. This is a considerable gain since it crossed the $28,400 barrier for the first time since mid-August.
Similar to this, after the US Securities and Exchange Commission rejected an appeal against its ruling that Ripple's famous cryptocurrency XRP is not a security, its trading volume has hit nine figures, reaching $1.08 billion. Additionally, with a reasonably large trading volume of $392.3 million, Polygon's indigenous asset, MATIC, has continued to attract investor attention.
Investors FOMO-ing
With a trading volume of almost $10.5 billion, BTC maintains its momentum despite a decline from record levels. While MATIC's trading volume continues to hover around $400 million, XRP keeps up its reputation as having a billion-dollar trading volume.
Trading volume is important in the cryptocurrency market, just like it is in conventional markets. The increase in trading volume shows the enthusiasm of bitcoin investors who are concerned about losing out on advancements (FOMO). Crypto aficionados eagerly watch these record-breaking trade volumes when FOMO hits its pinnacle to assess their influence on the future price trajectories of different cryptocurrencies.
The most recent data shows that Bitcoin is currently trading at $27,692, up 0.49% over the previous day. XRP is down 1.54% over this time period, trading at $0.5227, while MATIC is down 5.77%, trading at $0.5588.
*Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
