Fresh data from the Japan Virtual Currency Exchange Association has revealed that as ofApril 2019, the value of yen-denominated Bitcoin holdings has outstripped those in XRP ondomestic exchanges.
As Cointelegraph Japan reported on Sept. 10, the surge in the value of exchanges’ Bitcoinholdings coincides with the beginning of Bitcoin’s 2019 bullish uptrend, which saw the topcryptocurrency 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 inorder to help establish industry-wide investor protection standards.
As Cointelegraph Japan notes, back in December 2018, the value of yen-denominated XRPholdings had been higher than that of Bitcoin holdings – despite Bitcoin’s larger marketcapitalization globally.