USD is the most popular currency in the forex market and has dominated as the global currency for business, making BTC/USD is the most used trading pair. However, according to the cryptocurrency market indexing platform Coinhills, Japan’s Yen is a close second in terms of Bitcoin/fiat trades over the last 24 hours. BTC/USD pair is reported of 48 percent of all Bitcoin/fiat trades, while JPY is in a close run with 47.23%.
The two fiat currencies make up to 95.87 percent, making them the most popular fiat currencies when it comes to trading BTC. The reason for USD being a favorable fiat currency for BTC is that Tether [USDT] is pegged to the USD, making it the most successful stable coin.
The data compiled by Coinhill indicates that JPY is gaining popularity amongst Bitcoin traders, reported Bitcoinst.com. The publication had previously reported that according to Cryptocompare USD dominated 50 percent of the BTC/fiat market. During this time, JPY accounted for only 21% of the trade. The difference between the two data is staggering, however, CrptoCompare’s data is for the entire month of November, compared to Coinhill’s, which is only for 24 hours.
The publication reported last week that the Asian markets have a larger impact on BTC price than the US and Europe, as per the research firm Mosaic. If the trends stay the same, Japan’s Yen could give USD a tough time when it comes to trading BTC with fiat currencies. Japan is known for its crypto-friendly laws and opening avenues for BTC commerce with major retailers accepting Bitcoin.
When it comes to other fiat currencies, Korean Won [KRW] leads the list. It accounts for two percent of the trade,. However, CryptoCompare’s study suggests that the BTC/KRW trading pair records 16 percent of the Bitcoin/fiat market. The data from Coinhills reports a lesser trading activity in the Korean market.
Other fiat currencies include the Euro [EUR], the Polish Zloty [PLN], and the Russian Ruble [RUB]. These currencies account of 1.61 percent in total.
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