95 percent of all fiat-related BTC pairs are transacted in either US dollar or Japanese Yen with Korean Won, Euro, and British Pound accounting for 2 percent of the pair trade volumes. However, the JPY/BTC pair volume or the volume of BTC traded in Japanese Yen, is the highest overtaking the USD/BTC pair volume.
Currently, out of the 779,291.91 BTC exchanged for various national currencies in the last 24 hours, was exchanged against the Japanese Yen (JPY). This comprises of around 49 percent of the entire volume compared to 46 percent of entire volume of BTC traded or exchanged for USD according to data from Coinhills.
This is a great change for the JPY/BTC since it accounted for only 21 percent of the daily BTC trade volume in November last year: to mean the growth has happened over the course of past 90 days since November 2018.
The change can be attributed to growth of altcoin markets in Asia over the last few months. BitcoinExchangeGuide published a report in November last year revealing that Asia had a larger impact on the price of Bitcoin than North America or Europe.
The growth can be attributed to the huge developments that have been happening in the Asian crypto markets in the last few months: for instance those detailed in the BitcoinExchangeGuide study. Only last year did the government gave a nod of approval to the crypto industry to regulate itself through the Japan Virtual Currency Exchange Association (JVCEA).
Additionally, the coming together of big-name players such as Blockstream, Digital Garage, and Tokyo Tanshi to launch a stable token pegged on Japanese Yen.