Categories: CryptoNews

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.

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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.

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.

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.

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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

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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