Bitcoin trading volume tanked nearly $700 bn in April

Bitcoin trading volume sank by almost $700 billion in April, historically seen as one of the strongest months for Bitcoin and other cryptocurrencies, bringing the biggest average monthly returns, a report showed on Wednesday.

Although Bitcoin topped over $30,400 on April 18, reaching the highest level since early June, its monthly gain was only 3 per cent, way down from 21 per cent in March and much less than gains usually seen in the fourth month of the year, according to data by BitcoinCasinos.com.

"A significant drop in Bitcoin trading volume after its price surge may show investors adopting a wait-and-see approach or moving their capital to other cryptos," the report mentioned.

According to CoinMarketCap data, Bitcoin's monthly trading volume amounted to $492.9 billion in April, a massive 58 per cent less than almost $1.2 trillion seen a month before.

However, Bitcoin was not the only digital coin whose monthly trading volume declined in April.

Statistics show all major cryptocurrencies saw a double-digit drop.

"Tether's trading volume was down by 38 per cent month-over-month to $730.5 billion. Ethereum saw a 28 per cent decline and around $230 billion in 30-day trading volume," the report noted.

USD Coin, the fourth most-traded digital coin in the crypto space last month, saw a 38 per cent decline and $97.5 billion in monthly trading volume.

Binance USD, as the fifth most-traded crypto in April, hit $75.5 billion worth of trades, or 28 per cent less than in March.

The CoinMarketCap data show TrueUSD climbed to the sixth spot of the most-traded cryptos in April.

The USD-backed stablecoin saw $41.1 billion worth of transactions last month, four times more than Polygon and Solana and almost six times more than Dogecoin, which didn't even rank on the top 10 list in April despite being promoted by Twitter CEO Elon Musk.