While Bitcoin may be struggling to regain its upward momentum, it seems like there are other areas of the coin’s market that could be doing just well especially in Asia. According to a report by the Japan Virtual Currency Exchange Association (JVCEA), Bitcoin holdings denominated in the Yen have increased to surpass those of XRP in Japanese exchanges.
A closer look at the market dynamic related to these holdings reveals that Bitcoin holdings surpassed XRP holdings in April 2019. Also, the start of the said surge coincided with start of Bitcoin’s upward trend in 2019, a development that saw the top coin go as high as $13,700 before declining.
Altcoins Are Taking Heat
The data from JVCEA came into existence on March 2018, and it’s an association between Japan-based crypto exchanges. JVCEA is self-regulating, a status that was granted to it by Japan’s Financial Services Association (FSA) back in October 2018.
In December 2018, yen-denominated XRP in Japan had more value than its Bitcoin comparative. However, tables seem to have turned over the subsequent months. Now in 2019, yen-denominated Bitcoin holdings have more value than that of XRP.
While the Bitcoin market thrives in this way, the Altcoin market is taking a lot of heat. Altcoins haven’t had much success over the last few months despite the market leader, Bitcoin, pulling out of the crypto winter back I April. In fact, Bitcoin total market dominance has been increased, even hitting upwards of 70% over the last few days.
More XRP But Less Value
The current status can be traced back to the apparent stagnation of the Altcoin market. Indeed, according to data from JVCEA, XRP accumulation has increased in 2019, but its collective value has decreased. In essence, the number of acquired XRP coins has massively increased, but its collective fiat value has gone down.