“It seems like Japanese investors’ overall interest in altcoins has been shrinking over time relative to their interests in Bitcoin,” said Yuya Hasegawa, a market analyst at Japan-based crypto exchange bitbank. “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.”
Dominance chart for crypto monthly traded value in Japan. Source: JVCEA
Hasegawa’s analysis indicates that XRP was one of the biggest losers among Japanese crypto traders. The altcoin once accounted for about 40% of monthly traded value in Japan’s crypto market, but that number dropped to almost 5% in April. Bitcoin (BTC) also briefly lost ground to MonaCoin (MONA) in February, but regained its dominance following the early stages of the pandemic in March.
Bitcoin’s dominance worldwide hasn’t exceeded 70% since Q1 2017 according to data from CoinMarketCap. As of this writing, the coin represents roughly 58% of the $373.6 billion combined crypto capitalization, its lowest point in 12 months.