For quite some time now, the Bitcoin volume has been mostly originating coming from the Chinese exchanges. But it looks like the volume keeps picking up in that region, as close to 94% of Bitcoin trading volume in the past 24 hours has come from Chinese platforms.
CNY Trading Dominates Bitcoin Exchange Volume
Despite the Bitcoin price most often being referred to in its USD value, the majority of trading volume comes from Chinese exchanges. In fact, close to 94% of trading volume in the past 24 hours is coming from CNY markets, which is quite an increase compared to previous weeks. Then again, the Bitcoin price has been going up as well, and that hardly ever happens without positive buy signals from China.
This comes as little to no surprise, though, although close to 94% is quite a significant margin. Some people might argue this is a form of centralized Bitcoin trading, yet the situation has never been different over the past two years. What is rather disconcerting is how the CNY Bitcoin trading is mostly originating from Huobi, a platform which seems to be continuing their hot streak of the past few months.
BTCC, on the other hand, appears to be losing a lot of ground in recent months. What once was deemed the largest Chinese Bitcoin exchange is now in third place, behind Huobi and OKCoin. However, they are closely followed by LakeBTC, which is creeping up the ranks slowly but surely.
In a rather surprising turn of events, it turns out the Bitcoin CNY trading volume has not increased by much in the past few weeks, despite the increasing Bitcoin price. Then again, the total daily volume remains quite impressive on a daily basis, to say the least. In the past 24 hours, over 1.4 million Bitcoin have exchanged hands across Chinese exchanges.
Over on the USD side of things, however, the Bitcoin trading volume has been picking up over the past few days. Although over 83,000 Bitcoin has changed hands in the past 24 hours across USD exchanges, it is still no match for their CNY counterparts. The recent price increase is attracting a lot of attention as of late, but there is no noticeable increase in CNY trading volume to back up this growth.
Source: Cryptocompare
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