Fresh data from the Japan Virtual Currency Exchange Association has revealed that as of April 2019, the value of yen-denominated Bitcoin holdings has outstripped those in XRP on domestic exchanges.
As Cointelegraph Japan reported on Sept. 10, the surge in the value of exchanges' Bitcoin holdings coincides with the beginning of Bitcoin's 2019 bullish uptrend, which saw the top cryptocurrency hit close to $14,000 by late June.
Value of yen-denominated Bitcoin and XRP holdings on JVCEA member exchanges, January-July 2019.
The JVCEA is a self-regulatory crypto exchange association that formed in March 2018 in order to help establish industry-wide investor protection standards.
The organization was granted formal self-regulatory status by Japan's Financial Services Association in October 2018.
As Cointelegraph Japan notes, back in December 2018, the value of yen-denominated XRP holdings had been higher than that of Bitcoin holdings - despite Bitcoin's larger market capitalization globally.
This trend has now apparently reversed in 2019, as Bitcoin price performance continues to outstrip that of the wider altcoin sector.
Yen-denominated XRP holdings on JVCEA member exchanges, Dec. 2018-July 2019.
Despite this accumulation, as the token's value continues to falter, its yen-denominated value is on the decline.
Yen-denominated Bitcoin holdings on JVCEA member exchanges, Dec. 2018-July 2019.
Japan: Bitcoin Surpasses XRP in Yen-Denominated Crypto Holdings
Published on Sep 10, 2019
by Cointele | Published on Coinage
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