As the year draws to a close, crypto market activity reflects a seasonal lull, with trading volumes across major digital assets taking a significant dip. According to recent data, December saw a sharp decline in trading momentum compared to the previous month, particularly following the heightened volatility in November triggered by the FTX collapse. Despite reduced activity, certain cryptocurrencies maintained strong positions in terms of trading volume. Here’s an in-depth look at the 10 most traded cryptocurrencies in December, their performance trends, and what these shifts might signal for early 2025.
Market Slowdown Marks End-of-Year Trends
The final month of the year typically brings reduced trading activity as investors adopt a wait-and-see approach. This trend was especially evident in December, with nearly all top cryptocurrencies experiencing notable month-over-month declines in trading volume.
Macroeconomic uncertainty, regulatory scrutiny, and profit-taking after a turbulent year contributed to the pullback. Traders favored liquidity and stability, pushing stablecoins like Tether and Binance USD to the top of the trading volume charts—though even their numbers were far below November’s peaks.
1. Tether (USDT) – $603 Billion Trading Volume
Tether retained its position as the most traded cryptocurrency in December with a 30-day trading volume of $603 billion. While this figure remains substantial, it represents a staggering 98% drop from November’s record $59.6 trillion volume—a number inflated by panic-driven movements into dollar-pegged assets after FTX’s downfall.
Still, USDT’s dominance underscores its role as the go-to safe-haven asset during turbulence. Its widespread use across exchanges for arbitrage, hedging, and trading pairs ensures consistent volume even in quieter markets.
2. Bitcoin (BTC) – $420 Billion Trading Volume
Bitcoin, the flagship cryptocurrency, saw its monthly trading volume fall by 33%, dropping from nearly $635 billion in November to $420 billion in December. This marks the second consecutive month that BTC’s volume has remained below the $1 trillion threshold—a departure from the highs seen earlier in 2022.
Despite lower volume, Bitcoin’s price showed resilience, holding above key support levels. The reduced activity may reflect investor consolidation ahead of anticipated catalysts in 2025, including the next halving event and potential spot ETF approvals.
3. Binance USD (BUSD) – $123.7 Billion Trading Volume
Binance USD ranked third with $123.7 billion in trading volume, a 55% decline from November. As one of the most widely used stablecoins on Binance and other major platforms, BUSD benefits from integration with high-volume trading pairs and decentralized finance (DeFi) protocols.
However, ongoing regulatory pressure on Binance has cast some uncertainty over BUSD’s long-term trajectory, which may have influenced trader sentiment and contributed to the volume drop.
4. Ethereum (ETH) – Under $100 Billion Trading Volume
Ethereum’s trading volume continued its downward trend, falling below $100 billion in December—a **70% drop** from November and a massive **80% decrease** compared to October’s $475 billion peak.
This contraction aligns with broader DeFi and NFT market slowdowns, as user activity and gas fees declined. Nonetheless, Ethereum remains foundational to smart contract ecosystems, and upgrades like Dencun are expected to reignite interest in early 2025.
5. USD Coin (USDC) – $72.8 Billion Trading Volume
USD Coin recorded $72.8 billion in 30-day volume, down 40% month-over-month, securing fifth place among most-traded cryptos. As a regulated and transparent stablecoin, USDC is favored by institutional players and DeFi platforms alike.
Its consistent backing and audit practices continue to build trust, making it a preferred alternative amid growing scrutiny of other stablecoins.
6. Solana (SOL) – $64.2 Billion Trading Volume
Solana climbed to sixth place with $64.2 billion in trading volume, maintaining its appeal due to fast transaction speeds and low fees. The network’s resurgence in NFT activity and DeFi innovation has attracted renewed retail interest.
Although SOL faced occasional network outages in the past, improvements in stability have helped restore confidence among traders and developers.
7. BNB (BNB) – $19.7 Billion Trading Volume
BNB ranked seventh with $19.7 billion in volume. As the native token of Binance Smart Chain (now BNB Chain), it powers a vast ecosystem of decentralized applications and token launches.
Despite regulatory challenges facing its parent exchange, BNB continues to see strong utility-driven demand, particularly in cross-chain swaps and yield farming strategies.
8. Aptos (APT) – $18.1 Billion Trading Volume
Aptos made a strong debut in the top 10, ranking eighth with $18.1 billion in monthly volume. Notably, the APT token surged **20%** over the month, rising from $4.67 to $5.62 amid growing developer engagement and new project launches on its Move-based blockchain.
As a next-generation Layer 1 aiming to solve scalability and security issues, Aptos is gaining traction among tech-forward investors.
9. Cardano (ADA) – $18 Billion Trading Volume
Cardano rounded out the ninth spot with $18 billion in trading volume. While not known for high-frequency trading, ADA saw increased interest due to ongoing ecosystem development and partnerships in identity verification and sustainability projects.
Its methodical, research-driven approach continues to attract long-term holders despite lower speculative volume.
10. Zilliqa (ZIL) – $14.1 Billion Trading Volume
Zilliqa completed the top 10 list with $14.1 billion in monthly volume—a surprising entry given its relatively smaller market cap. The surge may be linked to renewed hype around its sharded blockchain architecture and recent collaborations in gaming and metaverse applications.
While still niche compared to larger platforms, ZIL’s inclusion highlights how emerging narratives can temporarily boost trading activity.
Notable Exits: XRP, Dogecoin, Polygon Drop Out
December brought dramatic reshuffling: XRP, Wrapped Ethereum (WETH), Dogecoin, and Polygon (MATIC)—all top 10 staples in November—failed to maintain sufficient volume to stay on the list. Their exclusion signals shifting trader priorities toward newer ecosystems and stablecoins amid uncertain market conditions.
Frequently Asked Questions (FAQ)
Q: Why did crypto trading volumes drop so sharply in December?
A: End-of-year market fatigue, profit-taking after November's volatility, and reduced institutional participation typically lead to lower trading activity in December.
Q: Is low trading volume bearish for crypto prices?
A: Not necessarily. Low volume often precedes consolidation phases. Sustained low volume with declining prices may signal weakness, but flat or rising prices suggest strong holder confidence.
Q: Why are stablecoins dominating the top trading volumes?
A: Stablecoins serve as safe-haven assets during uncertainty. They’re also essential for trading pairs, arbitrage, and DeFi operations, ensuring consistent turnover regardless of market direction.
Q: What does Aptos’ rise indicate about market trends?
A: Aptos’ surge reflects growing interest in scalable, secure Layer 1 blockchains with innovative programming languages like Move—indicating a shift toward fundamentals-driven investment.
Q: Will these rankings change quickly in early 2025?
A: Yes. January often brings renewed capital inflows. Events like ETF decisions, macroeconomic data, or technological breakthroughs can rapidly reshuffle trading volume leaders.
Q: How can I track real-time crypto trading volumes?
A: Reliable platforms provide live data on volume, liquidity, and price action across exchanges—helping traders identify emerging opportunities before broader market moves.
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The December rankings reveal a market pausing for breath after a stormy period. While volumes contracted across the board, they also highlighted which assets retain trader trust and utility—from stablecoins anchoring liquidity to next-gen blockchains capturing speculative interest. As we move into 2025, these patterns will help shape the next wave of adoption and innovation.