Data provider Kaiko says XRP has officially secured the title of the most traded altcoin of 2023, surpassing $150 billion in cumulative volume on CEXs.
According to Kaiko, a trusted source for market data across various networks, XRP has taken the crown as the most traded altcoin of the year. The research firm revealed this information in a recent tweet showcasing the cumulative trade volume of altcoin across prominent centralized exchanges (CEXs).
Specifically, according to the graph shared, XRP’s cumulative volume on CEXs so far in 2023 has surpassed the $150 billion mark, heading toward the $175 billion territory.
“XRP is officially the top traded altcoin of 2023,” Kaiko declared.
$XRP is officially the top traded altcoin of 2023! $DOGE, $SOL, and $BNB are next in line. pic.twitter.com/gq3uFiGnWl
— Kaiko (@KaikoData) July 24, 2023
The image also showcased the remarkable performance of other altcoins, although XRP outperformed its closest rival with over $50 billion.
Solana (SOL), which came next to XRP, had a cumulative trade volume of $100 billion. Other notable contenders, including Dogecoin (DOGE), Binance Coin (BNB), and Polygon (MATIC), maintained a volume between $50 to $100 billion.
Surging Interest in XRP
It is worth mentioning that the Kaiko metric excluded the trade volume of Bitcoin (BTC), Ethereum (ETH), and Stablecoins. According to data from the market tracking website, CoinMarketCap, XRP’s 24-hour trading volume is over $1.6 billion.
The renewed interest in XRP came following the US court decision two weeks ago that Ripple violated no security law selling XRP on exchanges. XRP has since remained in the spotlight of various reports as its price continuously appreciated, with the broader crypto market sharing from its glory.
Recall that, as The Crypto Basic reported, leading news agency Reuters recently tagged XRP as the incidental force driving the altcoin market.
Previously, Kaiko revealed that XRP accounted for at least 21% of all crypto trades on exchanges between June 17 and July 17. This figure is notably higher than the amount the iconic BTC pulled within the same period.
Ultimately, XRP’s remarkable success as the top traded altcoin of 2023 has set the crypto community abuzz as its future remains bright in light of the recent regulatory clarity.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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