More than 2 million people are registered on crypto exchanges in Japan


One billion XRP tokens from Ripple have been released in the market at the beginning of December 2019 making investors unhappy that the price would be affected in a negative manner.
And if Ripple is now receiving a number of negative comments from the market participants, the same thing cannot be said about the Japanese users who are active on the local crypto exchanges.
If Japanese users holding Bitcoin represent 55% of the entire local market, those in love with XRP from Ripple are not far preserving the 2nd position in the market with a share of 30%.
Now, to put things into perspective, we have to emphasize that 2 million active crypto accounts represent about 1.5% of the total population in Japan, so we should restrain our enthusiasm when looking forward at a possible adoption of cryptocurrencies by the large public.
At this moment, only 6 cryptocurrencies are available on crypto exchanges from Japan: Bitcoin, Ripple, Ethereum, Bitcoin Cash, Litecoin and MonaCoin. As we’ve noticed from the numbers above, Bitcoin and XRP are the favorite cryptocurrencies of Japanese users representing 85% of the local market.
Nevertheless, other cryptocurrencies are growing in popularity as Litecoin transactions have increased considerably during the latest halving event. The transactions of Ethereum and MONA are equally developing.
Looking at the less bright side of things, Japanese crypto market has been very much affected by Mt. Gox hack, the largest Japanese crypto exchange at the time. Founded in 2010, Mt. Gox managed 70% of Bitcoin transactions worldwide. Four years later, the exchange was hacked and had to close its doors losing 650,000 units of the 850,000 Bitcoins in reserve.
This was a strong indicator that traders should move towards dedicated crypto wallets and it’s still a major negative event that reduced the development pace of the crypto space in Japan. When we draw the line, after looking at the Japanese crypto environment, we find that 2 million local users are not that many, and a new generation of crypto enthusiasts would be more than welcome to revitalize the local industry.
Until that happens, Bitcoin and XRP remain the most popular cryptocurrencies for Japanese players at the moment.

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