Huobi Becomes Main Bitcoin Trading Platform For USD And CNY

There has been a lot of Bitcoin price action these past few days, which always leads to general excitement. Whether or not this Bitcoin price trend will increase over the coming weeks, remains to be seen. All exchanges seem to be on the right track, though, as the same price increase can be noted across all platforms and currencies.

Also read: Digital Asset Holdings Acquires Swiss Blockchain Firm Elevance Digital Finance

Bitcoin Is Rallying Hard With Lots of Support

Over on the USD side of things, Bitfinex is leading the charge in volume, with close to US$10m changing hands in the apt 24 hours. Huobi is firmly in second place, followed by OKCoin and – surprisingly enough – BTC-E. Bitstamp is slowly creeping up the ranks as well, though.

TheMerkle_Bitcoin Trading BTC USD April 20

However, there is no denying the majority of Bitcoin trading volume is still coming from the Chinese exchanges. According to Cryptocompare, as much as 94% of the 24-hour Bitcoin price action is denominated in CNY, with USD only representing 4.91%. The other markets – EUR, GBP, RUR – make up the remainder of the volume.TheMerkle_Bitcoin Trading BTC USD Exchanges

Speaking of the Chinese Bitcoin exchanges, Huobi is the clear market leader in this regard as well. It looks like the company is solidifying its spot as the number one platform for both USD and CNY trading these days, which puts a bit of pressure on the other prominent exchanges. More competition is always a good thing, though.

Bitcoin trading against the Euro is mostly taking place on Kraken, which comes as no surprise at all. But in the second position is Gatecoin, a platform very few people had heard of until very recently. This company has overtaken Coinbase in Bitcoin trading volume in the European market, which is kind of interesting to note.

Last but not least, there is an increasing focus on the JPY Bitcoin trading market these days, as local exchanges are making a name for themselves. Interestingly enough, all of the JPY trading volume is coming from the Kraken exchange, according to CryptoCompare. However, it is not certain they have added exchanges such as Coincheck to their backend at the time of writing.

Source: News Tip Via Email

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.