Another day in the books for Bitcoin traders, and it seems as if the Bitcoin bull run is far from over. Despite the market being dominated by Chinese exchanges, the USD volume is on the rise as well. Huobi seems to become a major contended by the look of things, and they have solidified their position in the CNY market as well.
Bitfinex Leads USD Trading Volume in Bitcoin
When it comes to dealing with Bitcoin exchanges offering a USD trading pair, Bitfinex seems to have a firm grip on the market. With over 46% of all USD trading volume passing through this particular platform, competitors will have a long way to go before they can start catching up. Speaking of the Bitcoin USD trading volume, it is representing over 9% of global volume, which is quite a surprise.
Other exchanges are trying to make a name for themselves in the USD market as well. Huobi holds the second spot for the time being, with nearly 18% of all USD trading volume in the past 24 hours. The company is the second biggest Bitcoin exchange for CNY trading as well, and it seems traders have taken a liking to this company.
Various exchanges are doing fairly well too, albeit their market shares are far smaller. OKCoin is in the top five, but most of their volume is coming from Chinese trading, as we mentioned earlier today. Surprisingly enough, BTC-E is still ahead of them, even though very few people seem to be talking about that exchange for some reason.
The US Dollar trading volume has been increasing exponentially over the past few days, which correlates with the higher Bitcoin price. China is the region responsible for this new price surge, though, but it is good to see USD traders representing nearly ten percent of the 24-hour trading volume.
An interesting battle is taking place between EUR and JPY traders, though. For quite some time, the Euro has been the third most commonly used fiat currency to buy and sell Bitcoin. However, the Japanese Yen has closed the gap as of late, and both currencies are trading at nearly identical Bitcoin volumes right now.
Source: CryptoCompare
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
