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.