A strong trading volume is keeping the Bitcoin price alive for the time being. With an incremental gain in value over the past day, the popular cryptocurrency seems to be well underway to hit US$600 at some point. Interestingly enough, Huobi keeps dropping down the list of trading platforms, as they have now been overtaken by OKCoin once again.
Over the past several days, there has been a significant drop in Bitcoin trading volume, at last where the USD markets are concerned. With just over 66,000 BTC changing hands yesterday, things have come a long way compared to 188,351.84 BTC on May 28. Despite all of this, the Bitcoin price continues to hold its own, which is a positive sign.
On the exchanges side of things, Huobi keeps losing USD trading volume for several days now. Not too long ago, they overtook all other platforms, yet did not manage to hold on to this status for that long. In fact, they have given up their lead to both Bitfinex and OKCoin and are now the third most popular trading platform for BTC/USD action.
But it looks like more trouble might be brewing for Huobi, as Coinbase is not too far behind in the grand scheme of things. With less than 700 Bitcoin in trading volume between the two platforms, these power rankings could shift again before the day is over. As long as the price holds above US$580, hardly anyone will care which exchange is generating the volume, though.
Holding that Bitcoin price will largely depend on what Chinese traders plan to do over the next few days. The daily Bitcoin trading volume against the yuan is creeping up the ranks once again, and over 994,000 BTC changed hands yesterday. Today is looking unyielding as well, so far, with over 540,000 Bitcoin traded already.
So far, it looks like Bitcoin is doing fairly well, and it is not unlikely the price will stay at this level for some time. The upcoming Bitcoin halving may have a thing or two to say about that, though, but it is too early to tell. Strong trading volume is a positive sign, and we are less than US$20 removed from a US$600 Bitcoin price.
Source; CryptoCompare
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