TL;DR

  • Many often-quoted data sources such as CoinMarketCap and Coinhills are inaccurate and/or outdated
  • Filtering fake volume, the Bitcoin’s market dominance becomes even more obvious. Bitcoin’s true spot volume market share is estimated 70% vs nominal(reported) market share of 50%
  • China still dominates Bitcoin spot trading via USDT with almost 50% of market share. USD is second place around 20–25% while JPY and KRW hover around 10–15%

Historical charts and tables made available on bitcoinization.com (in beta)

What’s the real trading volume of Bitcoin?

This is a rather simple question but it’s very difficult to give a definitive answer at the same time. It’s no secret in…


Many of you in the cryptocurrency community might have already noticed that a lot of positive news is coming out of Japan, especially as of late.

This contrasts greatly with the sudden closure of cryptocurrency exchanges and the general confusion in China recently, another influential market in Asia. The trading volume of Bitcoin in Japan continues to grow and has already solidified itself as the biggest Bitcoin market. This fact, alone, keeps Japan in a unique position in this space.

I wrote a Medium post on the then-soon-to-be-enacted cryptocurrency law in Japan back in March about how I was afraid…


I came across this Forbes article regarding the popularity of cryptocurrencies in Korea the other day and found it fascinating.

I had already known that the trading volume for cryptocurrencies in Korea shot up significantly as of late but I had little clue as to what was causing or at least influencing the surge. Now, thanks to the article, I understand the Korean crypto phenomena a little bit better and also spotted interesting similarities and differences between Korean and Japanese markets in terms of altcoin popularity, general sentiment, regulation and more.

I believe these countries will be two of the…


ICOs have been one of the hottest topics for a while and I feel like literally everyone is talking about them now. Even people outside the cryptocurrency space such as traditional VCs and entrepreneurs have suddenly started hopping on the great ICO bandwagon. It’s almost funny to see the number of “ICO experts” popping up out of nowhere these days.

Image in courtesy of TrendStream

Certainly, it’s a fact that the amount of money raised by ICO projects has been skyrocketing in 2017 and the ICO ecosystem seems to have established itself especially during the past few months.

At the same time, there remains strong…


My previous post on the altcoin bubble and Japanese investors has received some positive reactions but a few people pointed out the lack of concrete data and quantitative evidence. I think they have a fair point.

My aim for the previous post was to provide an alternative view as to why many coins, especially certain altcoins, are experiencing significant price boosts recently. I didn’t provide much quantitative evidence because I assumed stats such as trading volume at Japanese exchanges would be publicly available and known to people outside Japan, however,it seems I was wrong.

Much of the data at Japanese…


The altcoin bubble is in full force and is creating a lot of buzz and euphoria in the crypto space. Some may argue it’s not a bubble and smart money is flowing into the space, Bitcoin is losing its position to altcoins, the world has finally acknowledged the value of cryptocurrencies and so on. But most people are probably just theorizing on little evidence and have no idea what’s really causing this bubble. I think I know the answer now. …


You must have heard of this “tradable Rarepepe” thing by now if you are in the crypto space. The user generated “pepe the frog” memes can be seen all over the place and many people talk about it in random chat rooms, on social media, podcasts and so on.

If you are not familiar with it, you may dismiss it completely, thinking “Oh, I get it. It’s all about these frog memes looking weirdly funny. It’s silly” or “Pepecash, this is another pump n dump scamcoin or a jokecoin. Dogecoin all over again meh!”. Some even frown upon the whole…


Image in courtesy of Ken Shishido

The new virtual currency law will be introduced in Japan this Spring and contrary to some positive media coverage and perception in the Bitcoin space, this may do more damage to the Bitcoin/blockchain space in Japan than the Bitlicense has done to the state of NY.

This might sound a bit strange to some as this law has been touted as the culmination of local Bitcoin/blockchain pioneers’ efforts and praised as a great progressive step by the Japanese government repeatedly on various Bitcoin media. As a matter of fact, I haven’t come across any visible criticism against this law in…


Everybody(in the Bitcoin space) is going nuts over what’s happening to Bitcoin exchanges in China and looking closely at the sudden fall of trading volume in China.

Bitcoin trading volume in the world(http://data.bitcoinity.org/markets/volume/30d?c=e&t=bar)

As you can see from the graph on bitcoinity.org, the decline of trading volume in China over the course of the last few days is mind blowing after the inspection of major Chinese exchanges by PBoC.

It’s no secret China has been dominating the rest of the world in terms of bitcoin trading and also it’s no secret the number is probably highly inflated due to zero trading fee. …


A picture courtesy of Tokyo Bitcoin Meetup Group

When my co-founder and I started working on Counterparty and token economy in late 2014, the public perception of Bitcoin in Japan was still near at its worst level after the Mt. Gox incident which took place in Japan and the number of Bitcoin users here was still very small. It’s not surprising that the concept of Bitcoin 2.0 or tokens were basically non existent at the time.

That’s why, even though we were based in Tokyo, our initial plan was to start promoting our mobile Counterparty wallet in regions such as North America and Europe first, where Bitcoin and…

Koji Higashi

Bitcoiner. I mainly write about the Japanese cyrptocurrency space and projects that interest me. https://bitcoinization.com/

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