Forex and Crypto News

US dollar and yen are the most popular in the crypto sphere

14:13 28 August /2019

The US dollar and Japanese yen have become the most popular among the currencies pairing with Bitcoin. Such data was published by the service

Statistics show that 65% of all transactions with Bitcoin are made with pair BTC/USD. Investors carry out approximately 21.9% of transactions with the pair BTC/JPY.

The dominant position of the US currency proves that the dollar is still a key financial tool in the global market. Almost all cryptocurrency exchanges offer traders to buy Bitcoin for a dollar.

Operations paired with the yen are mainly processed on Japanese trading exchanges. Moreover, the scale of use of the yen will grow, since Japan already has cryptocurrency legislation and is included in the list of states whose population is interested in the crypto sphere.

The third and fourth places are occupied by the South Korean won and the euro, respectively. About 9% of Bitcoin transactions are made with BTC/KRW pair, and the euro share is only 1.45%. The British pound became the fifth currency in this list with a share of 1%.

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It is not yet possible to analyze the dynamics of the use of the Chinese yuan and the Indian rupee since trading platforms from China and India are not registered on the Coinhills service and do not provide their data.

Some analysts believe that if the cryptocurrency industry becomes more transparent, the influx of capital into Bitcoin and altcoins will begin to grow more actively.

Transparency is necessary not only to protect investors but also to weaken volatility, which often scares potential investors.

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