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XRP Popularity Declines in Japan in Favor of Bitcoin

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XRP

Bitcoin’s popularity among Japanese traders has grown significantly since the beginning of the year.

Said Yuya Hasegawa, an analyst at local exchange Bitbank, citing data from the Japan Virtual Currency Exchange Association (JVCEA). In April, Bitcoin’s dominance rose to 87.34%. Ethereum (ETH) accounted for 2.91% of total trading volumes, while XRP from Ripple accounted for 5.08%.

XRP

The popularity of XRP in the country is rapidly declining. Until mid-2019, the share of the altcoin in trading volumes at the moment exceeded 30%. Since that time, the bitcoin dominance indicator has dropped below 70% only in February against the background of abnormal growth in traders’ interest in the MONA token.

“The general interest of Japanese investors in altcoins seems to be declining in comparison to their interest in bitcoin. Given the rise in the number of active accounts, a huge number of new users, especially since last summer, may be exclusively interested in Bitcoin,” said Hasegawa.

The number of active accounts on spot trading platforms approached 1.5 million after a record inflow in April – 13,987 new registrations.

Earlier, Bitbank analysts reported the first reduction in the number of active accounts on the country’s bitcoin exchanges in the last two years, recorded at the end of March. They did not rule out that the COVID-19 pandemic caused the recession.

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