It’s quite possible that the majority of crypto traders within Japan who have started to get into the crypto space throughout last year are investing in Bitcoin alone.
JVCEA Notes Increase In Bitcoin Dominance
The Japan Virtual and Crypto Assets Exchange Association (JVCEA) published data regarding this matter on the 19th of August, 2020. According to the JVCEA, the relative dominance of Bitcoin to other altcoins within Japan’s market surpassed the 87% mark back in April of this year.
It’s to such a degree that no other form of token could account for more than 6% of the total volume traded. It should be noted, however, that the amount of active accounts within Japan’s spot crypto trading space increased by 13,987. This stands as an all-time high at the time, as well.
Hasegawa: New Players Likely Far More Keen For BTC
Yuya Hasegawa stands as a market analyst at Bitbank, a crypto exchange based within Japan. In a statement, Hasegawa explained that Japanese investors seem to have a shrinking interest in altcoins, overall as time went on. This, Hasegawa stated, is relative to their interest in Bitcoin, which seems to have grown.
Hasegawa further highlighted the increase of active accounts within Japan’s exchanges and stated that new market participants within Japan’s markets are more likely to be interested in Bitcoin only. This, Hasegawa noted, was particularly so since last summer.
The analysis of Hasegawa made it clear that the biggest losses in terms of market dominance within Japan’s crypto markets were felt by XRP. At one point in time, the altcoin accounted for roughly 40% of the entire monthly traded value within the crypto market of Japan.
Now, however, the altcoin only constitutes less than 5% of the market dominance, as recorded in April. MonaCoin (MONA) managed to gain some ground against Bitcoin back in February. However, dominance was quickly re-established in March, when the early stages of the COVID-19 pandemic swept across the globe.
Glory Days Seemingly Gone
According to CoinMarketCap, the incredibly unbiased crypto data provider, Bitcoin hadn’t seen a worldwide dominance of more than 70% since the first quarter of 2017, when the great crypto bubble occurred. As it stands now, the coin represents about 58% of the total capitalization of the crypto market, which stands at $373.3 billion in total. This stands as the lowest it’s been in 12 months, as well.