The Japan Virtual Currency Exchange Association (JVCEA) recently released data revealing that since April 2019, Bitcoin’s (BTC) value of yen-denominated holdings has surpassed those in counterpart Ripple (XRP) on Japanese crypto exchanges.
According to Cointelegraph Japan’s report, dated September 10, the surge in the value of exchanges’ Bitcoin holdings correlates with Bitcoin’s bullish trend seen at the start of 2019, which resulted in BTC’s price soaring to almost US$14,000 at the end of June.
The JVCEA is a crypto exchange association that was founded in March 2018 in a bid to set up industry-wide investor protection standards. The organization is self-regulatory and was officially granted that status by Japan’s Financial Services Association (FSA) in October last year.
Before 2019, the value of yen-dominated XRP holdings had been greater than Bitcoin’s, regardless of being inferior to the top currency in terms of market capitalization.
However, Figures in 2019 have been the other way around with Bitcoin outperforming Ripple and other altcoins.
The data collected by JVCEA suggests that throughout 2019, a greater amount of XRP is being accumulated, purportedly reflecting the increasing number of banking partnerships bound to Ripple for the cross-border payments and remittances network.
Despite the accumulation, the value of Ripple tokens is in decline, resulting in lower yen-denominated value. The value of yen-denominated Bitcoin holdings reached its highest mark in June 2019, while the peak measured in terms of total accumulated Bitcoin was seen in April, at 156,651 BTC.
Ripple is reportedly planning to invest US$50 million in payments service MoneyGram over the next two years to expand its business.
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