Crypto traders in Japan shelve altcoin trading for Bitcoin

2020-8-31 17:22

It appears that most crypto traders in Japan have jettisoned XRP and Mona altcoins in favour of Bitcoin

According to data obtained from the Japan Virtual and Crypto Asset Exchange Association (JVCEA), Japanese traders are moving away from altcoins. This means that a thumping majority of new traders that made their entry into the market last year will only have invested in Bitcoin.

Bitcoin’s dominance

The JVCEA published this data on August 19, highlighting Bitcoin’s market dominance. Bitcoin’s traded volume in the Japanese market trod at over 87% in April, with no other token going beyond 6% of the monthly traded volume.

It is also worth noting that the number of active accounts for spot crypto trading surged (by 13,987) to an all-time high in April.

Japan-based analyst Yuya Hasegawa, evaluating the situation asserted, “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”.

Ripple on a downward spiral

The data also pointed out that Ripple (XRP) was among the biggest losers. The altcoin at one time occupied 40% of the monthly traded volume in the Japanese market.

However, a series of downturns made it drop to 5.08% in April. The altcoin dropped from 30.80% in September 2018 to 28.43% in January 2019. XRP would later go down even further to 24.56% in June 2019 before settling at 10.82% in August.

Performance of the other coins

MONA, on the other hand, had its strongest position in June 2019 and early February this year when Bitcoin momentarily lost its ground.

The altcoin currently accounts for 1.59% of monthly traded volume in April. Bitcoin represents 87.34%, whereas Ethereum (ETH) and Litecoin (LTC) constitute 2.91% and 0.16%, respectively.

Interestingly, Bitcoin has never gone above 70% in terms of traded volume in the world since the first quarter of 2017, as per CoinMarketCap’s study. The crypto coin currently holds at about 58% of the $373.6 billion cumulative crypto capitalisation.

The post Crypto traders in Japan shelve altcoin trading for Bitcoin appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0080727 (-100%)

crypto japan traders trading bitcoin altcoin shelve

crypto japan → Результатов: 126


Фото:

Transcending the Boundary between Web 3.0 and Reality. Full Details of Japan’s Largest Crypto Conference “IVS Crypto 2024 KYOTO with Japan Blockchain Week Summit” Revealed

Сообщение Transcending the Boundary between Web 3.0 and Reality. Full Details of Japan’s Largest Crypto Conference “IVS Crypto 2024 KYOTO with Japan Blockchain Week Summit” Revealed появились сначала на Coinstelegram.

2024-5-26 19:03


Japan’s Financial Services Agency (FSA) Looks to Step Up Crypto Oversight: Report

Japan has always been seen as a shining light in the Asian market for crypto adoption, with favorable regulations and a pang of hunger for digital assets. However, recent events have caused many in the industry to rethink this stance, especially with the regulator now looking towards imposing stricter rules against companies in the space.

2021-8-25 21:13


Фото:

Japan’s SBI Holdings to launch crypto-based CFDs

Japan’s financial giant, SBI Holdings, has recently announced the soon launch of crypto-backed CFDs. With the crypto prices growing, the industry is attracting more attention than ever. Meanwhile, new developments are making those who come for the prices to stay for convenience and efficiency, so adding derivatives contracts for crypto could attract new customers for the company.

2020-8-29 14:35


Insights On Japan’s Possible Crypto ETF Support, Will This Also Foster an Approval from the US SEC?

The high level of concern that the Japanese government through its Financial Services Agency had caused to the crypto market and not just the crypto users, investors and exchanges in Japan could not be forgotten soon around old-time crypto users after the Coincheck hack of Jan 2018, which led to a loss of more than […] The post Insights On Japan’s Possible Crypto ETF Support, Will This Also Foster an Approval from the US SEC? appeared first on ZyCrypto.

2019-1-9 12:06


Фото:

Japan’s FSA Vows to Strike a Balance Between Consumer Protection and Promoting Technological Innovation

Japan is both one of the largest crypto markets in the world and one of the most crypto-friendly countries. However, the Japanese government has been increasingly vigilant on the crypto industry as a whole, an understandable stance after the country was hit with what is touted to be the largest crypto heist in history.

2018-8-28 19:24


Фото:

Controversial New Changes Are Being Planned For Japan’s Crypto Taxation

Japan’s Minister of Finance thinks that it is doubtful the public would accept a change in the taxation of cryptocurrency transactions, Cointelegraph Japan reports today, June 25. During the same meeting, Aso noted that the position of cryptocurrency in the international financial sector is uncertain. He also spoke of the importance of the development of

2018-6-26 00:50


Фото:

Japan seizes Crypto transactions – Yakusa’s commitment has been confirmed

The agency confirmed to news.Bitcoin.com that at least one of the six exchanges has some form of involvement with the Yakuza. Japan Confirms Entrance Into the Crypto Space Punishing 6 Regulated Exchanges Japan’s top financial regulator, the Financial Services Agency (FSA), issued six new business improvement orders on Friday, June 22. The orders to Bitflyer,

2018-6-22 14:59


Japan’s Biggest Crypto Exchange Halts New Account Signups As Regulators Demand Improvements

Japanese cryptocurrency exchange BitFlyer suspended new account registrations on June 21, after regulators demanded it improves its security arrangements. BitFlyer Hit With AML/KYC Cleanup A tweet and statement confirmed the move, which officials implemented as part of a Business Improvement Order from Japan’s Financial Services Authority (FSA).

2018-6-22 13:00