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The US dollar (USD) and the Japanese yen (JPY) are the two most dominant national currencies used in Bitcoin / Fiat trading. But while the USD has always dominated the market, it seems that BTC / JPY may be about to overtake the dollar.
Most Bitcoin / Fiat transactions are denominated in USD or JPY
The USD is in many ways the de facto global currency for businesses and trade. It is the most popular currency in the forex market and as such, it is no surprise to find out that BTC / USD 00 it is one of the most commonly used trading pairs.
According to the cryptocurrency market indexing platform Coinhills, BTC / USD accounted for over 48% of all Bitcoin / Fiat transactions in the last 24 hours. The JPY ranks second with over 47.23% of all transactions over the same period of time.
Together, they both represent 95.87 percent, making them by far the most popular legal currencies used in BTC trading. The popularity of the BTC / USD pair is not exactly astonishing as Tether (USDT), the most popular stablecoin in the market, is pegged to the dollar.
Based on Coinhills data, JPY is becoming a favorite among Bitcoin traders. Back in November, Bitcoinst reported on a Cryptocompare study that showed a 50% prevalence for USD in the BTC / fiat market. At that time, the Japanese yen accounted for only 21%. Although it is important to note that Coinhills data only covers 24 hours. The search for CryptoCompare it was for all of November 2018.
Meanwhile, Bitcoinist last week reported that Asian markets tend to have a greater impact on the BTC price than the United States and Europe, according to the cryptocurrency research firm Mosaic. If the trend persists, Japan, in particular, could give the USD a run for its money when it comes to legal trading pairs. The land of the rising sun is known for its crypto-friendly laws and embraces the BTC business with leading retailers who accept bitcoins both in brick and mortar stores and online.
BTC / KRW Surprisingly two percent
Leading the rest of the smaller currencies is the Korean won (KRW), which represents two percent. Data from CryptoCompare study put the BTC / KRW trading pair at 16% of the Bitcoin / Fiat market.
The figures from Coinhills it could indicate a cooling of the trading activity in the Korean market. Between October and November 2018, BTC trading in KRW dominated spot fiat trading for high-level cryptocurrency. Sometimes, the BTC / KRW pair represented approximately half of all the daily Bitcoin spot commercials.
Other less-listed currencies include Euro (EUR), Polish Złoty (PLN) and Russian Ruble (RUB). These represent respectively 1.35%, 0.15% and 0.11%. Outside the Americas, Europe and Asia, the most popular BTC / fiat pairs are the South African Rand (ZAR – 0.03%) and the Australian dollar (AUD – 0.03%).
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Images courtesy of Shutterstock and CryptoCompare
