Examining the Top Bitcoin (BTC) to Fiat Currency Pairs as BTC/USD Takes the Lead Over JPY
The Top digital currency at the moment, Bitcoin (BTC) has met its fiat equivalent, USD (United States Dollar), together the BTC/USD pair remains the strongest trading pair in the market.
In April, Euro (EUR) rose to the second position with respect to its transaction volumes when paired with Bitcoin, behind the top BTC/USD pair.
USD saw significant growth in April when it had a percentage increase of 74.7% from 0.92 million BTC to 1.6 million BTC between March and April.
USD market share was at 46% in March, the following month it rose to 60% of the total Bitcoin/fiat market.
The Japanese Yen trading volumes dropped constantly for two months. One-tenth of the total traded volume was done on the BTC/JPY pair, then dropped to one-fourth of the market, representing a 40% drop from 0.48 million BTC to 0.26 million BTC.
Another rising Asian fiat currency is the Korean Won (KRW), the BTC to KRW pair hiked with 17.6% growth between March and April, rising from 0.21 million BTC to 0.25 million BTC.
Top BTC – Fiat Currency Pairs
Other significant fiat currencies traded are:
- Polish Zloty (PLN)
- Pounds Sterling (GBP)
- South African Rand (ZAR)
The Russian fiat currency, Russian Ruble (RUB), however, did not make April's top seven list.
The top fiat currency pairs, USD, EUR, JPY, and KRW made up 95% of the total Bitcoin/fiat market.
US Government Shutdown
It is important to note that the drop in USD against the JPY pair was as a result of the US government shutdown that ended in January 2019. During the shutdown, the USD/JPY trading pair dropped to its lowest point in over seven months. USD, however, has seen major gains in 2019.