Bitcoin dominance in Japan exceeds 87%

The dominance of the first cryptocurrency in the Japanese market continues to grow: the bitcoin rate rose above 80% in the summer of 2019, although previously the dominance belonged to the asset Ripple (XRP) with an indicator of 40% of the monthly trading cost, said analyst of the Bitbank crypto exchange Yuya Hasegawa.

According to him, the crypto market showed significant growth in April this year, when the crisis caused by the COVID-19 pandemic began in the global economy, and financial regulators began to take measures to support various industries, additionally financing them. At this time, the rate of bitcoin and gold recovered significantly quickly, having won back the losses incurred.

Thus, a study published by Yuya Hasegawa notes that Japanese investors are now more and more interested in bitcoin than alternative currencies. This is evidenced by the number of new users and active accounts (on spot platforms it equals 1.5 million). In particular, in April, the dominance of the first cryptocurrency exceeded 87%, while XRP accounted for 5.08% of trading volumes, and ETH – 2.91%.

Diagram of the dominance of monthly cryptocurrency trading volumes in the Japanese market. Source: Medium.