Global cryptocurrency trade volumes have dropped significantly since the beginning of the year

Global cryptocurrency trade volumes have dropped significantly since the beginning of the year. According to archived coingecko.com statistics, the global trade volume for the 24-hour period on Jan. 2, 2022, was approximately $70.48 billion. Today’s global 24-hour volume is $22.95 billion, or 67.43% less. Furthermore, on January 1, 2023, 71.63% of all trades were paired with stablecoins from the cryptocurrency economy.

While all stablecoins currently account for $16.44 billion in trade volume, tether (USDT) commands $12.45 billion, accounting for 71.63% of the total on January 1, 2023. On December 15, two weeks ago, the global trade volume was $54.78 billion, with stablecoins accounting for the vast majority of those transactions. Since January 2022, cryptocurrency trade volumes have been declining, with monthly highs in May, September, and November 2022.