The leading Japan crypto media platform Coinpost has revealed in a recent article that Japan crypto exchange, GMO, has noticed customers preference changing from Ripple to Bitcoin. GMO is one of the top virtual currency exchanges in Japan and recently did a survey amongst its users. They also compared it to a survey they did back in 2019.
The survey took place between April 15th and 29th. 1578 GMO crypto users took part in the survey. In 2019, 56% of the people surveyed expected Ripple (XRP) to have the highest increase in price with Bitcoin second at 28%. BCH, ETH, and LTC made up the remaining portions. In 2020, that data changed significantly as BTC stands at 47% and XRP at 31%. The other coins that make up the remaining portion were ETH, XEM, BCH, BAT, XLM, and LTC.
The shift in interest could be due to the Bitcoin halving that happened in May, shortly after the survey was conducted. Also, Ripple and XRP have faced a lot of criticism as of late for the poor price performance of the XRP coin. Many analysts have speculated that insiders have been dumping coins on the market every-time there is a slight increase in price. However, Ripple remains quite popular in Japan due to the support they have received from SBI and other powerful figures.
Cryptocurrency Market Expectations
Some other interesting stats revealed were around interest in crypto, expectations for the crypto market, and overall interest in finance and the economy.
Interest in the crypto market has risen from 67% to 73%. Respondents that have high expectations for the crypto market has also risen from 42% to 49%. Once of the interesting stats was the increase in interest for the economy. The most popular category of interest was around economic news and also money and investment discussions. 2020 has made headlines with the COVID-19 pandemic but the health of the economy has also been a major topic of conversation. With OIL prices crashing and Russia and the Middle East in the middle of it, the US-China trade war, and the uncertainty of the macro economy with unemployment numbers skyrocketing, people are actively looking for information to learn what is happening and how it will all unfold.