Every time the Bitcoin price starts going up, people will automatically look for a reason as to why this trend is taking place at that given time. However, it has turned out to be very difficult when it comes to identifying the root causes of Bitcoin price swings as of late. Albeit China remains the biggest Bitcoin trading market, they must have some reason to start buying en masse. Moreover, Japan and Singapore are starting to creep into the top five trading markets as well.
Even though China has been the biggest trading market for Bitcoin over the past few years, the recent price surge is showing some interesting statistics. Over 60% of all volume in the Bitcoin space is traded against CNY, but this number used to be a lot higher in recent months. Close to 85% of all trading volume usually originates from CNY exchanges, but the past 24 hours are very different in that regard.
The USD Bitcoin market seems to be exploding as of late, as it now takes up 31.1% of all 24-hour trading volume. This is a rather unexpected number, and far more substantial than traders have seen in quite some time. Especially Huobi is pushing the pace, albeit there are still unconfirmed allegations regarding this exchange potentially faking their volumes.
When looking at the BTC-USD chart, it becomes clear something is out of the ordinary. Over the past three days, the highest daily trading volume recorded was just over 75,000 BTC. Yesterday, on the other hand, saw 334,857.17 Bitcoin change hands where USD trading was concerned. Moreover, the volume has surpassed 115,800 Bitcoin today already, and there is still a long way to go.
Other fiat currencies are showing similar signs of increasing volume, albeit in a far less spectacular fashion. The EUR market remains in third place and is 2,000 BTC ahead of the Japanese Yen trading pair. It is interesting to see Japan embracing Bitcoin as of late, although this is not entirely surprising given the country’s stance on legalizing Bitcoin in the coming months.
Do not discount the Singapore Dollar either, though, despite its much lower 24-hour trading volume. This particular trading pair has inched its way into the top five over the past few weeks. All of this trading volume seems to originate from the itBit exchange, though, as they are one of the very few places dealing with SGD trading.
Source: CryptoCompare
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