Bitcoin has successfully recaptured its popularity among Japanese cryptocurrency holders in recent months. Japan Virtual and Crypto Assets Exchange Association (JVCEA) recently published a report which indicates that most Japanese crypto holders could be ditching altcoins en masse.
XRP was once the preferred cryptocurrency among Japanese crypto enthusiasts. In fact, the third-largest cryptocurrency dominated the market for quite some time as it had the largest number of crypto holders. However, over the past couple of months, investors in Japan have been shifting from the altcoin to bitcoin (BTC).
JVCEA shared a report on August 19 that shows investors’ crypto preferences in Japan. Per the report, bitcoin’s market capitalization dominance compared to the aggregate market cap of the rest of the cryptocurrencies in the Japanese market stood at over 87% back in April.
Notably, no other crypto was responsible for more than 7% of the overall traded volume. Still, in April, there was a significant increase in the number of active accounts for spot cryptocurrency trading in the crypto-friendly country of Japan.
A top market analyst at Japanese crypto exchange bitbank, Yuya Hasegawa, postulated that interest in cryptocurrencies among Japanese investors is currently skewed towards bitcoin. The massive growth in the number of active accounts shows that new users in Japan are only interested in the bellwether cryptocurrency, especially since last summer.