Study finds XRP popularity in Japan waning in favor of Bitcoin

Bitcoin’s popularity among Japanese traders has risen markedly since the start of the year, said Bitbank analyst Yua Hasegawa, citing data from the Japanese Virtual Currency Exchange Association (JVCEA).

In April, Bitcoin’s dominance rose to 87.34%. Ethereum (ETH) accounted for 2.91% of total trading volume, XRP from Ripple — 5.08%.

Source: Medium.

XRP’s popularity in the country is rapidly waning. Through mid-2019, the altcoin’s share of spot trading volume exceeded 30%. Since then, Bitcoin’s dominance has fallen below 70% only in February, amid an anomalous surge of trader interest in the MONA token.

“It appears that overall interest among Japanese investors in altcoins is waning in comparison with their interest in Bitcoin. Given the growth in 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 influx in April — 13,987 new registrations.

Earlier, Bitbank reported the first decline in the number of active accounts on the country’s Bitcoin exchanges, recorded as of March. They did not rule out that the downturn was caused by the COVID-19 pandemic.

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