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Bitcoin [BTC]: Euro overtakes JPY in BTC-to-fiat trading; USD surges to take majority




Bitcoin [BTC]: Euro overtakes JPY in BTC-to-fiat trading, USD surges to take majority
Source: Pixabay

Bitcoin [BTC], the strongest cryptocurrency in the market, has met its fiat equivalent, the US Dollar [USD] and together, the pair continued to hold firm as the most dominant crypto-fiat trading pair in the market. As USD continues to consolidate, the runners-up continues to be an evolving position.

Euro [EUR] ascended the currency ladder and for the month of April, recorded the second highest trading volume against Bitcoin, after the unassailable BTC-USD pair. According to CryptoCompare’s exchange review for April, the BTC-EUR pair overtook BTC-JPY in Bitcoin trading volume.

April saw USD dominance increase by a whopping 74.7 percent from 0.92 million BTC in March to 1.6 million BTC, the following month. In the month of March, the USD market share was at 46 percent and in April, the same surged to 60 percent of the total BTC to fiat market.

For the second straight month, trading into Japanese Yen continued to fall. Bitcoin trading into JPY accounted for one-tenth of the total volume, while the same pair held almost one-fourth of the market, a month prior. The absolute decline was from 0.48 million BTC to 0.29 million BTC, a 40 percent fall.

The other dominant Asian fiat currency, the Korean Won [KRW], continued to rise. Bitcoin into KRW surged from 17.6 percent at 0.21 million BTC in March, to 0.25 million BTC in April.

Other notable fiat currencies on the list were the Polish Zloty [PLN], the Pound Sterling [GBP], and the South African Rand [ZAR]. Notably, the Russian Ruble [RUB] didn’t make the top-7 in April. The top pairs, USD, EUR, JPY, and KRW accounted for 95 percent of the total Bitcoin to fiat market.

Source: Trading View

The JPY month-on-month decline is quite important, given the currency’s performance in December 2018. According to a Coinhills report, JPY surged ahead of USD in BTC-to fiat volume, holding 48.34 percent of the market to USD’s 43.77 percent share.

It should be noted that the USD slump against the Yen was due to the American government shutdown that lasted till January 2019. During this period, the USD-JPY trading pair fell to its lowest point in eight months. Over the four months of 2019, the USD has been making strong gains. However, the same has stalled owing to the recent trade war with China.

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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021





Bitcoin [BTC] will likely reach $100,000 with a market cap of over $2 trillion before the end of 2021
Source: Unsplash

The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.

According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.

Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,

“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”

Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,

“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”

Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,

“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”

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