Bitcoin Trading Numbers Show Japanese Yen (JPY) Surpasses the US Dollar (USD) as Most Used
Bitcoin (BTC) is currently being traded all over the world against many different fiat currencies. The dominant currency traded against Bitcoin is now the Japanese Yen. However, the US Dollar has been the dominant currency for several months. The Japanese Yen overtaking the US Dollar was not far from happening.
In many different aspects, the US dollar is considered a standard international currency for trades and other issues. In the cryptocurrency market, it has also been the dominant fiat currency for a long period of time. However, the Japanese Yen has just overtaken it as the dominant one.
According to the website Coinhills, the Japanese Yen ones 47.81% of the Bitcoin trading market, followed by the US Dollar with 43.91% share of the market. The Korean Won is the third currency traded against Bitcoin with 6.43% of the market. Both the US Dollar and the Japanese Yen account for 91,72% of the total market. These shows that these are, by far, the most used fiat currencies to buy Bitcoin.
However, there are some things to mention regarding these numbers. Coinhills explains that the statistics provided by Coinhills are related to markets and exchanges that are registered at Coinhills. That means that there are several platforms that are not being considered. This underrepresents some currencies such as the Argentine Peso (ARS) or the Australian Dollar (AUD) that have an important share of the market as well. It also overrepresents some other currencies such as the Polish Zloty (PLN) that has registered 100% more trading volume than the British Pound (GBP). The Euro, for example, accounts for 1,02% of the total trading against Bitcoin.
Taking into account all the other currencies, they represent just 8.37% of the whole trading against Bitcoin.
Clearly, the US Dollar and the Japanese Yen do not seem to be losing part of their market against other fiat currencies. Nevertheless, the Japanese dominance could be related to the active crypto community that the country has.