Massive Chinese Trading Volume Pushes Bitcoin Price Upward

Bitcoin has been seeing an excellent price increase once again, after a few days of dips and sideways action. Mainly the Chinese market continues to dominate the trading volume, as they are inching towards 94% of all trades. Interestingly enough, there have been three days with nearly identical trading volume.

Chinese Bitcoin Traders Are Hungry

Most people are well aware how the Chinese market has been dominating Bitcoin trading for several years now, But this trend only seems to go stronger as the years go by, often leading to some exciting Bitcoin price changes. Over the past 24 hours, there has been a 3% Bitcoin price increase, thanks to very high trading volume.

The past three days – June 29, 30, and July 1st – have seen nearly identical trading volumes across the CNY markets. It is not uncommon to see such a trend, but it also goes to show there are patterns to be found for those who want to learn more about the trading ecosystem. Today may very well become the fourth day with this volume, though.

During those three days, between 1,206m and 1.258m BTC changed hands in CNY markets. These differences are quite marginal, which could indicate there is some “fixing” going on behind the scenes. Huobi and OKCoin remain the two primary platforms where these trades are taking place, albeit LakeBTC has overtaken BTCC for the third spot.

All of these numbers result in the CNY market representing nearly 94% of all Bitcoin trading these days. That is a staggering amount, albeit close to 90% has not been uncommon either. For a cryptocurrency that is often denominated in its US Dollar value, that particular market remains very small with just over 5% of all trades.

Regardless of these numbers, it is positive to see the Bitcoin price increase again. As we mentioned yesterday, this primary cryptocurrency has seen a nice gain over the past six months. Some of the altcoins blew those numbers out of the water, though, but their individual market caps are a lot smaller compared to Bitcoin’s.

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