With the Bitcoin price rising a lot over the past few days, people are often wondering where this trading volume is coming from. The vast majority of Bitcoin trading volume takes place in the world of alternative currencies and digital assets. However, in the world of fiat currency, four particular trading pairs stand out. Interestingly enough, all four of them are very close to one another in terms of volume.

4. Japanese Yen

It is not entirely surprising to see a lot of trading volume originate from Japan right now. Ever since the government removed the sales tax on buying Bitcoin, cryptocurrencies, and digital assets, things have become quite interesting. Japan has shown a great demand for Bitcoin and other currencies, which translates into US$28.639m worth of trading volume over the past 24 hours on the bitFlyer exchange.

More specifically, it is interesting to see such a high amount of volume on bitFlyer. Even though the exchange has a solid reputation in Japan, it is not the only platform offering BTC/JPY trading. The next exchange for this trading pair is, surprisingly enough, Kraken with US$2.3m in volume. No other platforms allowing for JPY trading come even close to US$1m in trading volume, according to Coinmarketcap.

3. Korean Won

People who have kept a close eye on cryptocurrency will be pleased to hear the Korean Won is starting to make some inroads. To put this into Bitcoin terms, the Bithumb exchange generated US$28. 913m worth of Bitcoin trading volume in the past 24 hours. That is a more than respectable amount. Korbit is not too far behind with US$17.65m, and Coinone saw US$12.963m in volume. A very positive trend that is well worth keeping an eye on.

2. US Dollar

Although the Bitcoin price is often denominated in US Dollar, USD exchanges are not necessarily the market leaders in terms of volume. The first exchange on the list is GDAX, with US$29.439m worth of volume. Bitstamp is in the top 10 as well, with US$26.731m.  BTC-E , Gemini, and Kraken are all contributing to the global demand of Bitcoin as well, which is good to see. Do keep in mind it appears the trading volume of GDAX and Coinbase is added up on the Coinmarketcap website.

1. Euro

It comes as an incredibly big surprise to learn the leading fiat currency trading is BTC/EUR right now. The European community has always been rather absent when it comes to Bitcoin trading, although it appears as if things might be picking up once again. Right now, Kraken’s BTC/EUR market generated US$31.315m in the past 24 hours, which is a nice lead over the USD trading pair. Unfortunately, it also appears Kraken is the only exchange in the top 25 with a prominent BTC/EUR trading market right now.

That is not entirely surprising either, though. It has taken some time for the European Bitcoin community to start stocking up on Bitcoin. A lot of traders use the LocalBitcoins platform, which has seen a lot of volume these past few weeks. Although the EUR market on Kraken is the largest fiat market for the past 24 hours, the USD market is still the largest overall.

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