Many crypto traders in Japan may soon be uninterested in altcoins.
A lot of altcoin traders in Japan who just started last year may soon divert 100% of their attention to Bitcoin.
The Japan Virtual and Crypto Assets Exchange Association (JVCEA) revealed on August 19 that Bitcoins controlled the market more than altcoins by 87% in April. There wasn’t any token in April that contributed above 6% of the total volume traded except Bitcoin. It is possible that Bitcoin’s performance was the reason why the number of crypto traders in Japan surged to as high as 13,987 in April too.
A market analyst from Bitbank crypto exchange, Yuya Hasegawa, 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,” he added.
Hasegawa also discovered that most Japanese traders dumped Ripple (XRP). Sometime ago, Ripple contributed about 40% of the total volume traded per month in the crypto market but in April, it fell to about 5%. MonaCoin (MONA) was also doing better than Bitcoin in February but Bitcoin became the traders’ favourite again in March because of COVID-19.
Recounting from Q1 2017, CoinMarketCap says Bitcoin has never contributed up to 70% of the total market cap. At the moment, Bitcoin’s trading volume is 58% of the total crypto capitalization which is around $373.6 billion. This is the least it has contributed since the last 12 months.