Why Japan’s crypto traders chose Bitcoin over alts earlier this year

CRYPTONAIRE WEEKLY

CRYPTO investment journal

Why Japan’s crypto traders chose Bitcoin over alts earlier this year

A new study from a Japanese crypto exchange showed the country’s crypto fanatics favored Bitcoin ahead of local favorites XRP and Monacoin, with trading volumes for the former significantly higher than the latter two and other altcoins.

Bitcoin saw big bets ahead of alts

Yuya Hasegawa, a Market Analyst at Japanese crypto exchange Bitbank, referred to an April report released by the Japan Virtual and Crypto assets Exchange Association (JVCEA), a Self-Regulatory Organization fully recognized by the country’s Financial Services Agency.

He noted that while the number of active accounts for spot crypto trading reached an all-time high in April, recovering from the dip in March, Bitcoin’s monthly traded value was “back above 87% dominance,” showing that “newer users’ main interest is only in BTC.”

Hasegawa said that for Japanese investors, the overall interest in altcoins has been shrinking over time relative to their interests in Bitcoin. He added the growth in the number of active accounts, the vast majority of the newer market participants in Japan indicated traders are “likely to be interested only in Bitcoin.”

The analyst noted that all figures were taken from officially reported values, which represented true volumes in terms of all JPY exchanged and gave an accurate metric to measure user interest and market size. Read more...