The 24-hour Bitcoin trading volume is still primarily being driven by the Chinese Yuan, albeit the US Dollar remains a strong contender. With still close to 9% of all BTC trades occurring against USD, there is still a very high demand for the cryptocurrency. But it appears as if Bitfinex is looking a bit of volume as of late, which is quite intriguing.
Fierce Competition in the BTC/USD Markets
Contrary to what most people may have expected, the US Dollar seems to be holding its own in the global Bitcoin trading market so far. Albeit the volume dipped below the nine percent of a few days ago, 8.96% of all BTC trades against fiat currency are still denominated in USD. This is still a very significant number, and it looks like the trend will continue over the next few days.
Bitfinex is still the clear market leader when it comes to BTC/USD exchanges. Over 40% of all 24-hour trading volume passes through this exchange, but they are slowly starting to lose ground compared to other companies. This is kind of interesting for traders, as it may spur future competition on fees.
OKCoin is in second place right now, with nearly 13% of USD trading volume in the past 24 hours. That does not come as a complete surprise either, as they have always been a strong exchange platform. Despite their market position, OKCoin is still one of the underrated trading platforms to this very day, though.
New competitors are starting to emerge, although it will be an uphill battle for most of these companies. Huobi, LakeBTC, and Kraken are among the contenders, which will not surprise anyone. But do not discount itBit either, as this relatively unnoticed exchange is starting to make some serious waves in the BTC/USD market as of late. At the time of writing, itBit represented 4.31% of 24-hour Bitcoin trading volume.
Compared to May 30, the overall 24-hour trading volume went up by a small margin. With slightly over 12,200 more Bitcoin being traded in exchange for the US Dollar on May 31, it appears there could be another upward trend very soon. However, there is still a long way to go until we see daily volumes of over 175,000 Bitcoin in the US Dollar market again.
Source: CryptoCompare
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