Cryptocurrency Investors in Japan Grow Interest in BTC

According to a report released earlier this month, BTC's dominance in relation to other cryptocurrencies in the trades carried out in Japan increased to over 87% as of April. No other cryptocurrency has ever come close to that level.

There has been a recent decline in interest in altcoins amongst traders in Japan, with data showing that many of the new traders in the country are likely to invest in BTC.

A Japan-based cryptocurrency analyst, Yuya, mentioned that Ripple was one of the cryptocurrencies that suffered the most interest decline amongst cryptocurrency traders in Japan. XRP once made up for about 40% of the Japanese cryptocurrency monthly trade volume, but it decreased to 5% in April.

Around February, BTC also suffered a decline in trade volume, losing to MONA, but by March, it regained its superiority during the early part of the COVID-19 outbreak.

Source: Cointelegraph