A significant number of Japan-based crypto trading individuals, who have set their first steps in the market in 2019, may reportedly be putting their investment exclusively for Bitcoin.
Specifically, the dominance status of Bitcoin across the Japanese market in connection with altcoins has reportedly experienced a surge, approximately 87% in April this year.
No other tokens’ proportion is larger than 6% of the month-to-month volume traded. Also in April, the figure for active accounts for Japan-based spot crypto trading has witnessed an incline, by 13,987 particularly, setting a new record at the time.
“It seems like Japanese investors’ overall interest in altcoins has been shrinking over time relative to their interests in Bitcoin,” Yuya Hasegawa – a market analyst from local crypto exchange platform Bitbank – reportedly remarked.
“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 further added.
Hasegawa’s findings reportedly pointed out that XRP leads in terms of loss recorded among crypto traders in Japan. Previously, altcoin reportedly took up around 40% of the month-to-month traded volume across the crypto market in Japan.
Nonetheless, the above-figured went down to nearly 5% in February this year, but managed to get back on the dominance track upon the early phase of the global health crisis back in March.