V2_INSTANT

AI

# Top 10 Tokens by 24h Trading Volume ## Executive Summary **Tether (USDT) dominates 24-hour trading volume** with $75.9 billion, nearly triple Bitcoin's volume and representing approximately 40% of the top 10's combined trading activity. The cryptocurrency market shows robust liquidity with the top 10 tokens collectively generating over $190 billion in daily trading volume as of 2026-01-29 01:46 UTC. ## Top 10 Tokens by 24h Volume | Rank | Token | Symbol | 24h Volume | Market Cap | Volume/MCap Ratio | Price | |------|-------|--------|------------|------------|-------------------|-------| | 1 | Tether | USDT | $75.91B | $186.07B | 40.8% | $0.9986 | | 2 | Bitcoin | BTC | $45.48B | $1.77T | 2.6% | $88,694 | | 3 | Ethereum | ETH | $23.17B | $361.21B | 6.4% | $2,992.90 | | 4 | BNB | BNB | $1.20B | $122.72B | 1.0% | $900.05 | | 5 | XRP | XRP | $2.28B | $115.29B | 2.0% | $1.89 | | 6 | USDC | USDC | $5.79B | $71.24B | 8.1% | $0.9996 | | 7 | Solana | SOL | $3.82B | $70.48B | 5.4% | $124.49 | | 8 | TRON | TRX | $605.26M | $27.91B | 2.2% | $0.2946 | | 9 | Dogecoin | DOGE | $997.51M | $20.84B | 4.8% | $0.1237 | | 10 | Lido Staked Ether | STETH | $28.57M | $28.43B | 0.1% | $2,991.92 | *Data source: CoinGecko as of 2026-01-29 01:46 UTC* ## Key Insights **Stablecoin Dominance**: Tether's massive $75.9 billion volume highlights its critical role as the primary trading pair and liquidity backbone across cryptocurrency markets. The 40.8% volume-to-market-cap ratio indicates extremely high velocity and utility as a trading medium. **Volume Concentration**: The top 3 tokens (USDT, BTC, ETH) account for **$144.6 billion** (76%) of the top 10's total volume, demonstrating significant concentration in major assets. **Trading Activity vs Market Cap**: USDC shows the highest volume-to-market-cap ratio at 8.1%, indicating particularly active trading relative to its size, while stETH shows the lowest at 0.1%, reflecting its primarily holding/staking utility. **Market Liquidity Health**: The substantial trading volumes across major tokens suggest healthy market liquidity, with even smaller cap tokens in the top 10 maintaining billions in daily trading activity. ## Market Context The volume distribution reflects typical cryptocurrency market patterns with stablecoins facilitating most trading activity, followed by the two dominant cryptocurrencies (BTC and ETH). The data suggests robust market participation with significant capital flows across both spot and derivative markets.