A structural change in bitcoin market occurred over the last five years with the US dollar almost completely replaced by Chinese yuan in bitcoin trading. Yuan started playing the dominant role as most of the bitcoin transactions are taking place on the exchanges located in China. The following graph illustrates the change over time:
The quick change may also explained by relatively small size of the bitcoin market, which amounts to approximately $15 billion. The share of Chinese exchanges in the global bitcoin market in not known precisely as the volume of the transactions is often overreported by including fake transactions. An attempt to estimate the realistic market share was estimated by coindesk.com as 85%, which is still an impressive number.