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While the cryptocurrency market continues to search for direction, Bitcoin (BTC), XRP, and Polygon (MATIC) have experienced a significant increase in trading volume. The trading volume of all three cryptocurrencies has reached levels not seen in over a month.
BTC, XRP, and MATIC’s Trading Volume Soars
Santiment, a on-chain data platform, reported that Bitcoin’s trading volume surpassed $10.37 billion during its highest trading activity, marking a significant increase since surpassing the $28,400 threshold for the first time since mid-August.
Similarly, the trading volume of Ripple’s XRP, a popular altcoin, has surpassed nine-digit figures, reaching $1.08 billion following the rejection of an appeal against the decision that XRP is not a security by the US Securities and Exchange Commission. Additionally, Polygon’s native asset, MATIC, has shown continued investor interest with a relatively high trading volume of $392.3 million.
Investors FOMO-ing
Despite experiencing a pullback from peak levels, BTC continues its momentum with a trading volume of approximately $10.5 billion. XRP maintains its status with a billion-dollar trading volume, while MATIC’s trading volume remains around $400 million.
Similar to traditional markets, trading volume is crucial in the cryptocurrency market. The acceleration in trading volume reflects the interest of cryptocurrency investors fearing missing out (FOMO) on developments. As FOMO reaches its peak, crypto enthusiasts closely monitor these record-breaking trading volumes to understand their impact on the future price trajectories of various cryptocurrencies.
According to the latest data, Bitcoin is trading at $27,692 with a 0.49% increase in the past 24 hours. During the same time period, XRP is trading at $0.5227 with a 1.54% decrease, and MATIC is trading at $0.5588 with a 5.77% decrease.
