Huobi Loses Ground In Both USD and CNY Markets

An interesting shift is taking place across bitcoin exchanges once again, as GDAX is solidifying itself as the number two USD exchange. On the Chinese Yuan side of things, OKCoin has overtaken Huobi again, as the two platforms continue to try and one-up each other.

GDAX and OKCoin Overtake Huobi On Both Fronts

TheMerkle-Bitcoin Exchange Race Huobi GDAX OKCoin

It has not been a good 24 hours for the Huobi exchange, despite noting some impressive volume in both USD and CNY trading markets. However, these numbers were not sufficient to retain their market position as the leader in China, and the second most popular exchange for USD traders.

As it turns out, Coinbase [or GDAX] has become the second most popular Bitcoin exchange for US Dollar trading. Or to be more precise, the platform has achieved that status over the past 24 hours, although it remains to be seen if they can hold onto this lead. The gap between this exchange and Huobi is only 800 Bitcoin [at the time of writing[], which is not all that much.

TheMerkle-Huobi Coinbase

This “competition” between Bitcoin exchanges has also lead to the increase of USD trading volume once again. Albeit the margin is minimal, 1,840 more Bitcoin were traded yesterday compared to two days ago. It is hard to say if this a sign of another surge in USD trading volume to come, though.

The biggest trading volume still originates in China, and Huobi is slowly losing ground there as well. OKCoin has claimed the number one spot once again, as they saw over 425,000 Bitcoin changing hands in the past 24 hours. Huobi, on the other hand, notched an impressive 418,486 Bitcoin trading volume.

TheMerkle-Huobi Coinbase OKCoin Huobi

Despite this changing of the guard, the overall trading volume numbers remain relatively flat in China. Yesterday was a slow day, though, with just over 890,000 BTC being traded all day. This is a long way away from the near one million in volume we have seen over the past few days. Then again, things may recover at some point.

Source: CryptoCompare

Images credit 1,2

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