Japanese crypto traders leaving XRP and MONA for Bitcoin. The overwhelming majority of Japanese crypto traders that have started to enter the market in the past year may invest only in Bitcoin.
According to data released by the Japan Virtual and Crypto Assets Exchange Association (JVCEA) on Aug. 19, the dominance of Bitcoin compared to altcoins on the Japanese market in April reached more than 87 per cent.
No other token represented more than 6 per cent of the monthly traded value. The number of active accounts for spot crypto trade in Japan grew by 13,987 in the same month, an all-time high at the time.
Yuya Hasegawa, a market analyst at Japan-based crypto exchange bitbank shared “It seems like Japanese investors’ overall interest in altcoins has been shrinking over time relative to their interests in Bitcoin.” “Given the growth in the number of active accounts, the vast majority of the newer market participants in Japan, particularly since last summer, are likely to be interested only in Bitcoin.”
Hasegawa’s review reveals that XRP was one of Japan’s biggest crypto-traders losers. The altcoin once accounted for about 40 percent of the monthly traded value in the crypto market in Japan, but that figure fell to nearly 5 percent in April. In February, Bitcoin ( BTC) also briefly lost ground to MonaCoin (MONA), but recovered its supremacy after the early stages of the March pandemic.