Top 10 Most Traded Cryptocurrencies in December

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As the year draws to a close, cryptocurrency markets reflect a notable shift in trading dynamics. Market participants have adopted a more cautious stance, leading to a significant decline in trading volumes across major digital assets. According to recent data, Tether (USDT), Bitcoin (BTC), and Binance USD (BUSD) ranked as the top three most traded cryptocurrencies over the past 30 days. However, their volumes dropped sharply compared to November levels — signaling reduced market activity during the holiday season.

This article explores the top 10 most traded cryptocurrencies in December, analyzes the volume trends, and identifies emerging performers that entered the rankings this month.

Market Slowdown Ahead of 2025

The end-of-year period typically sees reduced trading activity across financial markets, and the crypto space is no exception. With many investors stepping back to assess annual performance or prepare for new strategies in 2025, overall market liquidity has tightened.

This seasonal lull contributed to a broad-based drop in trading volumes. Traders are increasingly favoring stablecoins for capital preservation, while volatility in major altcoins has prompted short-term caution.

👉 Discover how market trends are shaping crypto trading behavior in 2025.

1. Tether (USDT) – $603 Billion Monthly Volume

Tether retained its position as the most traded cryptocurrency despite a dramatic 98% drop in monthly volume — falling from an all-time high of $59.6 trillion in November to $603 billion in December.

This staggering decline follows the post-FTX rally, during which investors flocked to dollar-pegged stablecoins for safety. While the extreme surge was unsustainable, USDT’s dominance in trading pairs across exchanges reaffirms its central role in global crypto markets.

Its widespread use in spot and derivatives trading makes Tether the backbone of liquidity in both bull and bear markets.

2. Bitcoin (BTC) – $420 Billion Monthly Volume

Bitcoin recorded a 33% month-over-month decline in trading volume, dropping from nearly $635 billion in November to $420 billion in December.

Notably, this marks the second consecutive month that Bitcoin’s trading volume remained below the $1 trillion threshold seen earlier in 2022. Despite lower short-term activity, BTC continues to serve as the primary entry point for institutional and retail investors alike.

The reduced volume does not necessarily indicate weakening interest but may instead reflect market consolidation ahead of potential catalysts in 2025 — such as broader regulatory clarity and spot ETF approvals.

3. Binance USD (BUSD) – $123.7 Billion Monthly Volume

Binance USD ranked third with $123.7 billion in 30-day trading volume, edging out Ethereum for the spot. However, BUSD also experienced a steep 55% decline compared to November.

As one of the most widely used stablecoins on centralized exchanges — particularly Binance — BUSD remains integral to trading pairs and margin operations. Its continued presence in the top three underscores the importance of exchange-issued stable assets in facilitating daily trades.

4. Ethereum (ETH) – Under $100 Billion Monthly Volume

Ethereum's trading volume fell below $100 billion in December, representing a 70% drop month-over-month and an 80% decrease from October’s peak of $475 billion.

While ETH remains the leading platform for decentralized applications and smart contracts, its trading activity has been dampened by lower DeFi engagement and fewer high-profile network upgrades recently. Nonetheless, anticipation around future scalability improvements keeps long-term sentiment positive.

5. USD Coin (USDC) – $72.8 Billion Monthly Volume

USD Coin recorded $72.8 billion in monthly trading volume, down 40% from the previous month. As a regulated and transparently backed stablecoin, USDC is favored by institutions and compliant platforms.

Its consistent ranking among the top five most traded cryptos highlights growing demand for audited digital dollars in contrast to less-transparent alternatives.

6–10: New Entrants Shake Up the Rankings

The lower half of December’s top 10 list saw significant reshuffling, with four out of five November-ranked cryptos dropping off entirely. XRP, Wrapped Ethereum (WETH), Dogecoin (DOGE), and Polygon (MATIC) failed to maintain sufficient volume to stay competitive.

6. Solana (SOL) – $64.2 Billion Volume

Solana emerged as the sixth most traded crypto with $64.2 billion in monthly volume. Its high-speed blockchain and growing ecosystem of NFTs and DeFi projects continue to attract active traders.

7. BNB (BNB) – $19.7 Billion Volume

BNB ranked seventh despite a sharp decline in trading activity. As the native token of Binance, it supports transaction fees, staking, and token sales — maintaining consistent utility even during low-volume periods.

8. Aptos (APT) – $18.1 Billion Volume

Aptos made a strong debut in the top 10 with $18.1 billion in monthly volume — a testament to renewed interest in next-generation layer-1 blockchains. The APT token surged 20% over the month, climbing from $4.67 to $5.62 amid increased developer activity and ecosystem expansion.

👉 Explore how emerging layer-1 blockchains are driving innovation in decentralized finance.

9. Cardano (ADA) – $18 Billion Volume

Cardano held steady at ninth place with $18 billion in trading volume. While often criticized for slower development pace, ADA maintains a loyal user base and ongoing upgrades aimed at improving scalability and smart contract functionality.

10. Zilliqa (ZIL) – $14.1 Billion Volume

Rounding out the list is Zilliqa, re-entering the spotlight with $14.1 billion in monthly volume. Known for its sharding technology that enhances throughput, ZIL benefited from speculative interest and improved exchange listings.

Key Takeaways from December’s Trading Trends

Frequently Asked Questions (FAQ)

Q: Why did trading volumes drop so sharply in December?
A: End-of-year holidays, profit-taking after year-end rallies, and reduced institutional activity typically lead to lower market liquidity and trading volumes during December.

Q: Is Tether’s drop from $59.6 trillion to $603 billion concerning?
A: Not necessarily. The $59.6 trillion figure was an anomaly driven by panic-driven demand after FTX collapsed. The current level aligns more closely with long-term averages and reflects normalized market conditions.

Q: What caused Aptos and Zilliqa to enter the top 10?
A: Both saw increased developer activity, exchange support, and speculative interest. Aptos benefited from ecosystem growth, while Zilliqa gained traction due to improved visibility and technical upgrades.

Q: Are low trading volumes bearish for crypto markets?
A: Not always. Low volumes during holiday seasons are normal. What matters more is price stability and accumulation patterns, which can set the stage for strong moves in early 2025.

Q: Will Dogecoin and Polygon return to the top 10?
A: Yes, especially if meme coin sentiment returns or Polygon sees increased adoption from gaming or layer-2 applications.

Q: How important are stablecoins in crypto trading?
A: Extremely important. Over 80% of trades on major exchanges involve stablecoins like USDT or USDC, making them essential for price discovery, arbitrage, and risk management.

👉 Stay ahead of market shifts with real-time data and advanced trading tools for 2025.

The December rankings highlight both continuity and change — with stablecoins maintaining dominance while newer blockchains gain ground. As we move into 2025, watch for renewed momentum driven by macroeconomic shifts, technological breakthroughs, and evolving investor preferences.

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