Traded volume sees recovery as volatility returns

Cryptocurrency traded volumes in October stayed around the same as September amid an increase in market volatility. The average daily trading volume on legitimate exchanges was about $1.60 billion in October, slightly higher than $1.59 billion in September but still down 56% from $3.66 billion in June.

Bitcoin’s volatility skyrocketed towards the end of the month, which drove trading volumes. On Oct. 23, bitcoin’s price briefly dropped to about $7,500 within minutes, reaching a five-month low. Two days later, the price increased by more than 30% in one day and touched $10,000. The daily traded volume of $4.57 billion on Oct. 26 reached a three-month high. Such volume has not been seen since Jul. 10.