{"id":171242,"date":"2020-08-31T21:34:52","date_gmt":"2020-08-31T20:34:52","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=171242"},"modified":"2020-09-02T18:27:49","modified_gmt":"2020-09-02T17:27:49","slug":"why-japans-crypto-traders-chose-bitcoin-over-alts-earlier-this-year","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/why-japans-crypto-traders-chose-bitcoin-over-alts-earlier-this-year\/","title":{"rendered":"Why Japan&#8217;s crypto traders chose Bitcoin over alts earlier this year"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A new study from a Japanese crypto exchange showed the country\u2019s crypto fanatics favored <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> ahead of local favorites <a href=\"https:\/\/cryptoslate.com\/news\/xrp\/\">XRP<\/a> and Monacoin, with trading volumes for the former significantly higher than the latter two and other altcoins.<\/span><\/p>\n<h2><b>Bitcoin saw big bets ahead of alts\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Yuya Hasegawa, a Market Analyst at Japanese crypto exchange Bitbank, referred to an April report released by the Japan Virtual and Crypto assets Exchange Association (JVCEA), a Self-Regulatory Organization fully recognized by the country\u2019s Financial Services Agency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He noted that while the number of active accounts for spot crypto trading reached an all-time high in April, recovering from the dip in March, Bitcoin\u2019s monthly traded value was \u201cback above 87% dominance,\u201d showing that \u201cnewer users\u2019 main interest is only in BTC.\u201d<\/span><\/p>\n<figure id=\"attachment_171244\" aria-describedby=\"caption-attachment-171244\" style=\"width: 875px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-171244\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/1_LqkYawcTXFw-HWkjveMnAw.png\" alt=\"\" width=\"875\" height=\"625\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/1_LqkYawcTXFw-HWkjveMnAw.png 875w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/1_LqkYawcTXFw-HWkjveMnAw-300x214.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/1_LqkYawcTXFw-HWkjveMnAw-768x549.png 768w\" sizes=\"(max-width: 875px) 100vw, 875px\" \/><figcaption id=\"caption-attachment-171244\" class=\"wp-caption-text\">Image: JVCEA<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Hasegawa said that for Japanese investors, the overall interest in altcoins has been shrinking over time relative to their interests in Bitcoin. He added the growth in the number of active accounts, the vast majority of the newer market participants in Japan indicated traders are \u201clikely to be interested only in Bitcoin.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The analyst noted that all figures were taken from officially reported values, which represented true volumes in terms of all JPY exchanged and gave an accurate metric to measure user interest and market size.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ripple\u2019s XRP once accounted for about 40% of monthly traded value in the Japanese crypto market, the analyst noted, but the dominance structure rapidly changed since the summer of 2019 as Bitcoin rose above 80% (in terms of market share).<\/span><\/p>\n<figure id=\"attachment_171243\" aria-describedby=\"caption-attachment-171243\" style=\"width: 875px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-171243\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/1_KqeemLoCdkYvoRYYC8v2HQ.png\" alt=\"\" width=\"875\" height=\"252\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/1_KqeemLoCdkYvoRYYC8v2HQ.png 875w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/1_KqeemLoCdkYvoRYYC8v2HQ-300x86.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/1_KqeemLoCdkYvoRYYC8v2HQ-768x221.png 768w\" sizes=\"(max-width: 875px) 100vw, 875px\" \/><figcaption id=\"caption-attachment-171243\" class=\"wp-caption-text\">Monthly Amount and Value of XRP, ETH, BCC\u30fbBCH, MONA, LTC and XEM in Japan. Image: JVCEA<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Altcoins suffered similarly. Monacoin, a popular token in Japan, saw its volume push Bitcoin\u2019s dominance below 70% earlier in February, but the pioneer quickly recovered and accounted for 87.34% of the crypto market in Japan in April 2020.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, while traders have shunned the two alts, investors have piled on. The JVCEA\u2019s statistics showed XRP and <a href=\"https:\/\/cryptoslate.com\/coins\/monacoin\/\">Monacoin<\/a> holdings kept an upward trend, even if it did not necessarily translate to the increase in their prices.<\/span><\/p>\n<h2><b>Spot markets see a boom in Japan<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The report said spot accounts saw a resurgence in April even after dropping off a month earlier in March.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the JVCEA, the Japanese spot crypto market added 13,987 active accounts back in April: up 0.96% from 1,450,828 in March, reaching its all-time high, the report noted.<\/span><\/p>\n<figure id=\"attachment_171245\" aria-describedby=\"caption-attachment-171245\" style=\"width: 875px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-171245\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/1_KHv9f3otx4WkVnbCSR_Vbg.png\" alt=\"\" width=\"875\" height=\"563\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/1_KHv9f3otx4WkVnbCSR_Vbg.png 875w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/1_KHv9f3otx4WkVnbCSR_Vbg-300x193.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/1_KHv9f3otx4WkVnbCSR_Vbg-768x494.png 768w\" sizes=\"(max-width: 875px) 100vw, 875px\" \/><figcaption id=\"caption-attachment-171245\" class=\"wp-caption-text\">Image: JVCEA<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Back in April, the market started to show a major recovery as the worlds\u2019 central banks <\/span><span style=\"font-weight: 400;\">around the globe announced huge stimulus packages and interest-free loans for citizens in a bid to revive a faltering economy. But while the move may or may not have borne well for the long-term economic health; it did <a href=\"https:\/\/cryptoslate.com\/the-us-feds-crazy-inflation-is-making-investors-hoard-bitcoin-and-whiskey\/\">wonders for markets<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin pumped over 150% since its sub-$4,000 lows in March, while large-caps like Ethereum and Chainlink grew 300% and 700% respectively. The succeeding months even saw DeFi projects like Compound and Synthetix chalk up their own growth stories, with a newcomer, Yearn Finance, even recorded a 14,000% return for early investors.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new study from a Japanese crypto exchange showed the country\u2019s crypto fanatics favored Bitcoin ahead of local favorites XRP and Monacoin, with trading volumes for the former significantly higher than the latter two and other altcoins. Bitcoin saw big bets ahead of alts\u00a0 Yuya Hasegawa, a Market Analyst at Japanese crypto exchange Bitbank, referred [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":102176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,6849],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Japan&#039;s crypto traders chose Bitcoin over alts earlier this year<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/why-japans-crypto-traders-chose-bitcoin-over-alts-earlier-this-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Japan&#039;s crypto traders chose Bitcoin over alts earlier this year\" \/>\n<meta property=\"og:description\" content=\"A new study from a Japanese crypto exchange showed the country\u2019s crypto fanatics favored Bitcoin ahead of local favorites XRP and Monacoin, with trading volumes for the former significantly higher than the latter two and other altcoins. Bitcoin saw big bets ahead of alts\u00a0 Yuya Hasegawa, a Market Analyst at Japanese crypto exchange Bitbank, referred [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/why-japans-crypto-traders-chose-bitcoin-over-alts-earlier-this-year\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-31T20:34:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-09-02T17:27:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/04\/japan-crypto-giant-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/why-japans-crypto-traders-chose-bitcoin-over-alts-earlier-this-year\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/why-japans-crypto-traders-chose-bitcoin-over-alts-earlier-this-year\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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