There is never a dull day in the world of Bitcoin trading, as every time people look at more detailed market charts, they learn something new. Up until yesterday, Bitfinex was the market leader when it came to USD trading volume. But overnight, it appears as if Huobi has snuck in and taken the lead by quite a margin.
Huobi Brings Stiff Competition To Bitfinex
When Bitcoin exchanges show an increase in particular trading volumes, there is a clear indication some platforms offer entirely different things. Convenience is a driving factor among all platforms, and Huobi seems to be attracting more USD/BTC traders than ever before.
So much even that Huobi has overtaken Bitfinex as the leading USD exchange for Bitcoin trading in the past 24 hours. At the time of writing, the company was responsible for more than one in three trades on the BTC/USD trading market. Bitfinex, on the other hand, only completed one in four trades in this segment.
But that is not the only interesting trend to note across the charts right now. It is the first time LocalBitcoins is officially listed in the top ten of trading platforms in quite some time. Albeit only just over two percent of BTC/USD trading volume is coming from this platform, LocalBitcoins nestled itself between Gemini and itBit for the time being.
Moreover, the representation of USD trading on the global Bitcoin markets has increased from just below nine percent to nearly ten percent again. It appears as if more consumers are becoming aware of the Bitcoin price holding steady at the current price point, which will entice a few people to buy cryptocurrency from platforms such as LocalBitcoins.
Last but not least, the overall USD/BTC trading volume has dipped slightly again, to below 100,000 Bitcoin on June 1st. However, looking at the current 24-hour trend, it is inching just above 102,200 BTC once again. Another volume increase may just be around the corner although we won’t know for sure until tomorrow.
Source: Cryptocompare
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