Trading Volume Drops But Bitcoin Price Remains Bullish

Interesting trends are happening across all Bitcoin exchanges in the past few days. While the market continues to be dominated by CNY trading volume, things are heating up between EUR and JPY traders. Moreover, there seems to be renewed interest from Singapore as well.

The Bitcoin Train Rolls On

Unlike what some people may have expected, there is still a high demand for Bitcoin after the recent price surge. In fact, there seems to be even more trading volume when looking at all trading markets combined which may indicate future price growth. It will hardly come as a surprise to find out China remains very bullish on Bitcoin trading, though.

But even that region shows an increased trading volume, as they have opened up their “lead’ over the USD trading markets again. Just yesterday, nearly 10% of all Bitcoin trading volume was denominated in USD, but that has dropped to 7.38% in the past 24 hours. This may also indicate a decrease in USD trading in general, though.

Things remain very tense between the EUR and JPY market, as they are still trying to outcompete one another. Seeing this continued demand from traders to buy and sell Bitcoin in exchange for Japanese Yen is a positive sign for cryptocurrency adoption in the region, though. Keeping in mind how the country is on the brink of legitimizing Bitcoin as money, a lot of people seem to be stocking up on Bitcoin already.

What is rather surprising, though, is to see the Singapore Dollar in the top five of major fiat currency trading pairs in the past 24 hours. With over 5,300 BTC of volume, there is a growing demand for Bitcoin in Singapore and neighboring countries. Bitcoin is open to investors and traders from all regions, and the charts clearly display the global interest in cryptocurrency.

While all of these statistics are very positive, there was also a slump in overall Bitcoin trading volume yesterday. Between May 27 and May 29, there was an average volume of over 175,000 BTC. However, yesterday saw “only” 110,583.40 Bitcoin being traded. That being said, it is still a strong volume regardless.

Source: CryptoCompare

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