On December 25, Christmas day, the bitcoin price rebounded to $14,000 after recording a major correction that sent its value plummeting to $11,500.
Bitcoin Optimistic Short-Term Price Trend
Overall, the cryptocurrency market recovered from a correction that occured on December 23, in merely 48 hours. Two days ago, every single cryptocurrency in the market ranging from bitcoin to SingularDTV declined by nearly 50 percent, as the cryptocurrency market lost over $100 billion of its valuation.
Today, the cryptocurrency market cap surged from $488 billion to $550 billion, demonstrating signs of recovery for the first time since last week Tuesday.
Bitcoin recorded a price increase of around 6 percent, with over $10 billion daily trading volume spread across USD-to-BTC and KRW-to-BTC trading platforms such as Bitfinex, Bithumb, Binance, and GDAX.
OKEx, the Hong Kong branch of OKCoin, previously the largest cryptocurrency exchange in China before the crackdown on cryptocurrency trading initiated by the Chinese government, processed around 2.4 percent of global bitcoin trades throughout the past three days, solidifying itself as a leading cryptocurrency exchange.
Other leading Chinese exchanges BTCC and Huobi have also started to process large volumes of trades. Given that OKEx, BTCC, and Huobi Pro have migrated their businesses to Hong Kong, in the upcoming months, analysts predict the Hong Kong market to evolve into a major bitcoin and cryptocurrency exchange market.