The Japan Virtual Currency Exchange Association (JVCEA) has recently revealed that the yen-denominated value of BTC holdings in domestic exchanges has outstripped the number of XRP for the first time.
According to the report, this happened because of the Bitcoin bullish trend this year, which made the asset considerably more famous as its value rose to as high as $14,000 USD this year.
The altcoin market is facing a strong stagnation recently and it is struggling to follow the price of BTC, which is increasing in dominance a lot lately. The value of yen-denominated XRP holdings surpassed BTC back in December 2018 and it took eight months to overcome it again, showing the strength that Ripple has in Japan.
Curiously, now more than ever, Ripple’s XRP tokens are being accumulated in the country. Ripple is becoming very strong in Japan via several partnerships and acquisitions and they have certainly become an important part of this trend. For instance, the company has planned to invest $50 million USD in MoneyGram, a Japanese payments company bought by Ripple.
What has made the network lose its dominance is that the price of its tokens is failing to go up while Bitcoin, which is not growing so fast, is maintaining its value after it was raised a few months ago.
At the moment, it is measured that Bitcoin holdings in the country have peaked in June. Despite this, the numbers have not considerably gone down after that, which boosted the power of the network locally.