Japanese Yen Will Most Likely Surpass The USD In Bitcoin Trading

Right now, the USD and JPY are the most dominant currencies used for BTC/fiat trading. However, it appears that the BTC/JPY pair is going to surpass the volume of BTC/USD pair soon. As you probably already know, the USD is the number one global currency used for trade and business. In the forex market, it is the most popular option available. This is why it is no surprise that the BTC/USD pair is the most dominant in the cryptocurrency industry. According to Coinhills, a cryptocurrency indexing platform, the BTC/USD pair makes up for 48% of the trading pairs over the last 24 hours. JPY makes up for about 47.23% of the trading pairs.

Japan Requires Stricter Exchange

Regulations JPY and USD makeup for 95.87% of the total market capitalization. This is why they are currently the most popular currencies in the market. The Coinhills data shows that JPY is the preferred option for traders. In November, reports from the Bitcoinst showed that BTC/USD trading pairs made up for 50% of the market while JPY/BTC pairs made up for 21% of the market. Moving from 21% to 47% within such a short time is rather commendable.

Bitcoin (BTC) Price Today – BTC / USD
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The fact that the JPY/BTC pair is increasing isn’t surprising because the Asian market has been shown to have a larger impact on the price of BTC when compared to the European market or the United States market. If this trend continues, the JPY will give the USD a run for its money. This isn’t going to be difficult because Japan has cryptocurrency-friendly laws and has embraced Bitcoin commerce with other major retailers. This is why Bitcoin has been accepted as a medium of payment in brick and mortar stores as well as in online stores.

BTC/KRW Dominates Only 2% Of The Market Today

Even if the JPY is dominating about 47% of the pairing market, the Korean Won isn’t doing so well. In fact, the research showed that the Korean Won is dominating about 2% of the total market within the last 24 hours. Within a one month period, the BTC/KRW pair has taken control of 16% of the market. These figures might show that the trading activity in the Korean market is cooling off. From October to November, BTC/KRW pairs dominated the BTC/fiat market. In some cases, it made up for 50% of the market. So, it is surprising that the dominance has cooled off within this short time.

Some other fiats with low dominance include Euro (EUR), Russian Ruble (RUB) and Polish Złoty (PLN). EUR makes up for about 1.35%, Polish Złoty (PLN) makes up for about 0.11% while Russian Ruble (RUB) makes up for about 0.15% of the market. The BTC/AUD pair makes up for – 0.3% of the market while the BTC/ZAR pair makes up for – 0.03% of the market.

If the JPY trading pair continues to attract more dominance, it will eventually take over from the BTC/USD pair in the BTC/fiat market. The next few days of trading will determine if things will change or not.


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