Skip to main content

Japanese crypto traders ditching XRP and MONA for Bitcoin

NewsColony
Japanese crypto traders ditching XRP and MONA for Bitcoin

The vast majority of Japanese crypto traders who started getting into the market in the last year may be investing solely in Bitcoin.

According to data published on Aug. 19 from the Japan Virtual and Crypto Assets Exchange Association (JVCEA), Bitcoin’s dominance relative to altcoins in the Japanese market reached more than 87% in April. No other token accounted for more than 6% of monthly volume traded. In the same month, the number of active accounts for spot crypto trading in Japan increased by 13,987, an all-time high at the time.

“It seems like Japanese investors’ overall interest in altcoins has been shrinking over time relative to their interests in Bitcoin,” said Yuya Hasegawa, a market analyst at Japan-based crypto exchange bitbank. “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

Dominance chart for crypto monthly traded value in Japan. Source: JVCEA

Hasegawa’s analysis indicates that XRP was one of the biggest losers among Japanese crypto traders. The altcoin once accounted for about 40% of monthly traded value in Japan’s crypto market, but that number dropped to almost 5% in April. Bitcoin (BTC) also briefly lost ground to MonaCoin (MONA) in February, but regained its dominance following the early stages of the pandemic in March.

Bitcoin’s dominance worldwide hasn’t exceeded 70% since Q1 2017 according to data from CoinMarketCap. As of this writing, the coin represents roughly 58% of the $373.6 billion combined crypto capitalization, its lowest point in 12 months.

Source: Cointelegraph

The post Japanese crypto traders ditching XRP and MONA for Bitcoin appeared first on NewsColony.
NewsColony



source https://newscolony.com/japanese-crypto-traders-ditching-xrp-and-mona-for-bitcoin/

Comments

Post a Comment

Popular posts from this blog

Volunteers book hotel room for homeless man with SingapoRediscovers vouchers

NewsColony Volunteers book hotel room for homeless man with SingapoRediscovers vouchers © The Independent Singapore Singapore — A group of volunteers from the Mummy Yummy Singapore welfare organisation donated their SingapoRediscovers Vouchers to book a hotel room for a homeless man. The man, who was identified as Jayden, did not have a place to live while waiting for the Housing Board (HDB) to allocate him a rental flat. In a Facebook post on Mummy Yummy Singapore’s page on Wednesday (Dec 16), the volunteers said: “We used our $100 Rediscover Singapore vouchers to redeem hotel stay for him and successfully booked 9 days worth of stay at 3 days per voucher.” They added that they were unable to book a longer stay because of higher hotel rates over Christmas and New Year. The volunteers hoped that they would be able to bridge Jayden’s stay until he got a flat. “Thanks our government for giving us these vouchers which in return we can put them to good use for people in need,” th...
Post a Comment
Read more

Chinese stars moonlighting as live-streamers

NewsColony Chinese stars moonlighting as live-streamers Li JIaqi and Yang Mi joined forces to sell products online during coronavirus, blurring the boundaries between conventional celebrities and live streamers. Photo: @TrendingWeibo/Twitter The line between Chinese celebrities and live streamers continues to blur these days. Luxury brands are expanding their pool of friend-of-the-brand endorsements with top live streamers – Louis Vuitton, for example, tapped both actress Song Jia and “lipstick king” live streamer Li Jiaqi for its much anticipated 520 Chinese Valentine’s Day campaign. Celebrities, actors and singers are jumping on the bandwagon to test out their commercial values on e-commerce platforms, with Yang Mi, Li Xiaolu and Michelle Ye Xuan just a few of the screen stars moonlighting on live streaming portals including Taobao, TikTok and Red Book. So why are Chinese celebrities so eager to embrace the battlefield of live streaming e-commerce, and how are they getting on so...
Post a Comment
Read more

Players who breached social-distancing rules put NRL restart at risk, Federal Sport Minister says

NewsColony Players who breached social-distancing rules put NRL restart at risk, Federal Sport Minister says NRL players guilty of breaking social-distancing laws have put the league’s planned return to action at risk, according to the Federal Sport Minister. Key points: The NRL wants to restart its 2020 season — suspended due to the coronavirus pandemic — on May 28 However the league has had to deal players flouting social-distancing rules The National Cabinet will meet on Friday to discuss its approach to resuming elite and community sport The league’s bold bid to resume its competition copped a major blow this week when three of its stars were fined for flouting social-distancing rules . Latrell Mitchell, Josh Addo-Carr ($50,000 each) and Nathan Cleary ($10,000) were also slapped with suspended fines by the NRL for bringing the game into disrepute. The incidents gave critics ammunition to question the league’s ability to follow strict protocol measures required to relau...
Post a Comment
Read more