According to the Japan Virtual and Crypto Assets Exchange Association (JVCEA), Bitcoin’s dominance over altcoins (such as XRP, MonaCoin, etc.) in the Japanese market reached more than 87% in April. No other token makes up more than 6% of the monthly trading volume. During the same month, the number of active accounts for spot cryptocurrency trading in Japan increased by 13,987, an all-time high at the time.
XRP was one of the biggest losers among Japanese crypto traders
Yuya Hasegawa, a market analyst at the Japanese-based crypto exchange bitbank, said:
“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.”
Dominance chart for crypto monthly traded value in Japan | Source: JVCEA
Hasegawa’s analysis indicated that XRP is one of the most devalued among Japanese cryptocurrency traders. Altcoins used to account for about 40% of the monthly transaction value of Japan’s cryptocurrency markets, but that number dropped to almost 5% in April. Bitcoin also briefly lost position to MonaCoin (MONA) in February but regained its dominance after the first phase of the pandemic in March.
Bitcoin’s worldwide dominance has not exceeded 70% since Q1 2017, according to data from CoinMarketCap. According to this article, the coin represents about 58% of the total $ 373.6 billion combined cryptocurrency capitalization, a 12-month low.
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