Chinese 24-hour Trading Volume Nears 1m Bitcoin As Price Recovers

Bitcoin went through a bit of a slump yesterday, as the price briefly crashed by as much as US$30 all of a sudden. Albeit a lot of people assumed this would lead to a further Bitcoin price retrace, the value has been climbing back up ever since. The trading volume remains shighas well, and there is no end in sight.

Temporary Bitcoin Price Dip And Drop In Trading Volume

TheMerkle_Bitcoin Volume Price Recovery

There are many possible reasons as to why the Bitcoin price took a small dip yesterday. Looking at the charts will not indicate anything in particular, other than a brief market correction after a spectacular price increase over the past few days. But it looks like the price has recovered quite well, despite this temporary setback.

On the Chinese side of the scale, trading volume has been slightly dipping compared to a week ago. However, there is still over 750,000 BTC traded on a daily basis, which is far more than all of the other markets combined. Moreover, over the past 24 hours, nearly 1 million Bitcoin has been traded against in CNY markets.

Huobi and OKCoin continue to make up the vast majority of yuan trading volume, though. BTCC is in the third place, albeit they only handle 4.95% of all 24-hour trading. Despite these exchanges offering 0% fees, it looks like Huobi and OKCoin offer something BTCC does not, albeit it is hard to pinpoint what that might be.

The US Dollar market, on the other hand, is starting to see a bit more competition on the exchanges front. Bitfinex is still the market leader, and Huobi has lost a lot of ground in the past few days. Coinbase and Bitstamp are slowly increasing their daily volumes as well, although this is only taking place at marginal speed.

The important factor is how the Bitcoin price has recovered to above US$577 once again. After the dip to the US$550 rang yesterday, things looked bleak for a moment. But there is no denying the Bitcoin price is in an upward trend, and with the upcoming halving, things could get very exciting in the coming weeks.

Source: CryptoCompare

Images credit 1,2

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Leave a Reply