CEX.IO News Education

CNY vs. USD or How is Bitcoin Traded?

, October 6, 2014

Many of you may wonder about the currency distribution within the Bitcoin ecosystem. In order to answer this question we should analyse statistical data and compare the distribution rate of various fiat currencies. Currently, there are two different resources available for our research — bitcoinity.org and coinometrics.com — both equally reputable and trustworthy. Even though these websites do their best to provide the crypto-community with up-to-date information, in this case we see that their stats are very different. 

The pie chart from coinometrics.com obviously shows significant prevalence of the US dollar, whereas the graph of bitcoinity.org reveals extensiveness of the Chinese yuan. The question, “Why are the results different?”, automatically comes to mind. The reason for such opposite result lies in the different sources of the data. coinometrics.com, for instance, uses stats of 82 exchanges around the world, whereas, bitcoinity.org surveys a narrower number of exchanges, and therefore, not only do the numbers differ, but the results appear to be absolutely opposite.

This short analysis of the currency distribution serves as solid evidence of the necessity to continue developing the Bitcoin industry in terms of data collection. We need more precise and error-free statistics in order to make accurate analyses and predictions.

Screenshot-2014-10-02-16.24.57

Source: coinometrics.com

Screenshot-2014-10-02-17.00.18

Source: bitcoinity.org

By Kateryna Iesypenko for CEX.IO

 

Related

Education

The Ethereum Block Space War

If the Ethereum network wants to grow, it must solve its scaling issues or relinquish even more control to Layer 2 solutions. Our latest article dives into this conflict.

Aug 12, 2022 | 11 min read
CEX.IO News

How DOGE popularity is a textbook case study for behavioral finance. And what it means for you

What are the driving forces behind Doge’s growth and how this relates to behavioral finance? Let’s figure this out as DOGE is now available for CFD trading on CEX.IO Broker.

May 18, 2021 | 7 min read
CEX.IO News

CEX.IO: 5+1 Years of Making a Difference

We’ve added another year to the history of CEX.IO. Looking at how far we’ve come, we’re really proud of our achievements. Growing and improving our services, earning the trust of many customers worldwide, and guiding our users into the world of open finance every day are great achievements. But

Nov 01, 2019 | 8 min read