Fiat volume analysis – Japanese Yen, U.S. Dollar or Euro have the biggest trading activity?

Prosphero presents an analytical study of the TOP 10 cryptocurrencies by capitalization

By Prosphero Team

Some of the most prominent business trends are decentralization, digitalization of economic processes, and the global spread of the sharing economy. In this context, cryptocurrencies are becoming one of the most popular and fast-developing technologies merging finance and IT.

Even though an actual regulatory framework is still absent, we can already note certain definite tendencies in the crypto world:

  • various countries are actively participating in this new market,
  • money is flowing from other, more traditional markets into the crypto sphere,
  • institutional investors are entering the crypto field.

The attitude towards cryptocurrencies in different countries is apparent from figures, such as trading volumes in their relation to traditional currencies. In this article, we will examine these trends.

Crypto trading market – general statistics

  • Market capitalization:     $374 714 004 773
  • 24-hour trading volume: $26 600 806 713

Daily trading volumes for the most popular cryptocurrencies are shown in the diagram:

Let us take a look at those traditional currencies that are traded most for Bitcoins. The total Bitcoin – fiat trading volume is estimated at 520 289.18 BTC, with the following currencies taking up most of it:

  1. Japanese yen (JPY) 322 993.07 BTC  62,08%
  2. U.S. dollar (USD)     116 736.73 BTC  22.44%

The total trade volume between Bitcoin and other currencies is 80 559.38 BTC (15,48%):

  1. Korean won (KRW)           43 539.05 BTC 8.37%
  2. Euro (EUR)                         21 845.56 BTC 4.20%
  3. UK pound sterling (GBP) 4 705.31 BTC   0.90%
  4. Ruble (RUB)                       1 705.75 BTC   0.33%
  5. Turkish lira (TRY)             1 251.13 BTC   0.24%
  6. Brazilian real (BRL)          1 250.84 BTC   0.24%
  7. Polish zloty (PLN)             1 045.45 BTC   0.20%
  8. Chinese renminbi (CNY) 890.53 BTC 0.17%

The large volume of BTC/USDT trades, which is 136 527 BTC, exceeds the trading volume for most other national currencies.

The following graph illustrates the volume of trade between Bitcoin and fiat in the last 6 months (fig. 1):

Fig. 1. BTC to national currencies trade in the last 6 months

The graph shows the distribution of trading operations with Bitcoins as of April 20, 2018, when the total volume of Bitcoin-to-traditional currencies trades was 607 101.94 BTC. The BTC/CNY market represents a very small share of the whole at 868.02 BTC. BTC/USD trades constitute 116 519.38 BTC. The most significant share of all the trading volume is represented by operations in BTC to the rest of fiat currencies – 489 714.54 BTC.

Now let us examine the “Bitcoin power” graph (fig.2):

Fig.2 – Bitcoin power graph

In the graph, one can see relative volumes of trades in Bitcoins and Altcoins. As of April 20, 2018, trading in Bitcoin represents 30.62% of the whole cryptocurrency market, while Altcoins’ share is 69.38%.

Study of the TOP 10 cryptocurrencies

In this section, we present an analytical study of the TOP 10 cryptocurrencies by capitalization based on the following criteria:

  • Total number of tokens in circulation
  • Trading volume in the preceding 24 hours
  • Total capitalization
  • Currencies for which the token is traded
  • Currency pairs with the largest trading volume

Based on the study results, we create diagrams illustrating trade volume distributions for each cryptocurrency and specially for those it is traded the most.

ETHEREUM (ETH)

As of April 21, 2018:

  • Number of tokens in circulation: 98 963 458 ETH
  • 24-hour trading volume: $2 790 230 000 USD (319 094 BTC)
  • Capitalization: $59 859 136 207 USD (6 845 570 BTC)

Largest trading volume by currency pair in the preceding 24 hours:

  1. BTС $606 712 665
  2. USDT $497 170 317
  3. USD $360 686 682
  4. KRW $149 754 917
  5. EUR $77 812 926
  6. CKUSD $33 326 600
  7. CNY $30 168 010
  8. DAI $28 419 223
  9. GBP $9 062 630
  10. TRY $5 639 471

Below are the diagrams of ETHEREUM trading volume distribution by currency pair in the preceding 24 hours.

RIPPLE (XRP)

As of April 21, 2018:

  • Number of tokens in circulation: 39 122 794 968 XRP
  • 24-hour trading volume: $1 816 800 000 (207 355 BTC)
  • Capitalization: $ 32 509 908 057 (3 710 753 BTC)

Largest trading volume by currency pair in the preceding 24 hours:

  1. KRW $724 000 000
  2. BTC $332 000 000
  3. USD $181 000 000
  4. USDT $171 000 000
  5. JPY $157 000 000
  6. EUR $35 000 000
  7. ETH $24 000 000
  8. TRY $22 000 000
  9. INR $18 000 000

Below are the diagrams of RIPPLE trading volume distribution by currency pair in the preceding 24 hours.

BITCOIN CASH (BCH)

As of April 21, 2018:

  • Number of tokens in circulation: 17 085 550 BCH
  • 24-hour trading volume: $1 013 910 000 (115 933 BTC)
  • Capitalization: $ 18 128 793 683 (2 072 870 BTC)

Largest trading volume by currency pair in the preceding 24 hours:

  1. BTC $413 133 180
  2. USDT $285 045 000
  3. USD $160 164 000
  4. KRW $69 691 000
  5. ETH $41 861 000
  6. EUR $17 768 000
  7. BNB $5 660 000
  8. INR $ 5 312 000
  9. JPY $4 414 000
  10. TRY $3 213 000

Below are the diagrams of BITCOIN CASH trading volume distribution by currency pair in the preceding 24 hours.

EOS (EOS)

As of April 21, 2018:

  • Number of tokens in circulation: 806 893 424 EOS
  • 24-hour trading volume: $1 556 560 000 USD (177 892 BTC)
  • Capitalization: $8 741 157 150 USD (997 732 BTC)

Largest trading volume by currency pair in the preceding 24 hours:

  1. USDT $521 000 000
  2. KRW $354 000 000
  3. BTC $329 000 000
  4. USD $209 000 000
  5. ETH $102 000 000
  6. EUR $15 000 000
  7. GBP $7 000 000
  8. CNY $6 000 000
  9. CKUSD $4 000 000
  10. JPY $2 000 000

Below are the diagrams of EOS trading volume distribution by currency pair in the preceding 24 hours.

LITECOIN (LTC)

As of April 21, 2018:

  • Number of tokens in circulation: 56 185 063 LTC
  • 24-hour trading volume: $529 137 000 USD (60 204 BTC)
  • Capitalization: $8 424 163 566 USD (958 483 BTC)

Largest trading volume by currency pair in the preceding 24 hours:

  1. BTC $165 000 000
  2. USDT $160 000 000
  3. USD $131 000 000
  4. EUR $21 000 000
  5. KRW $18 000 000
  6. ETH $4 000 000
  7. TRY $3 690 000
  8. CNY $3 630 000
  9. RUB $2 430 000
  10. INR $2 370 000
  11. GBP $2 340 000

Below are the diagrams of LITECOIN trading volume distribution by currency pair in the preceding 24 hours.

CARDANO (ADA)

As of April 21, 2018:

  • Number of tokens in circulation: 25 927 070 538 ADA
  • 24-hour trading volume: $351 420 000 USD (40 054 BTC)
  • Capitalization: $7 399 197 025 USD (843 348 BTC)

Largest trading volume by currency pair in the preceding 24 hours:

  1. KRW $179 000 000
  2. BTC $98 000 000
  3. USDT $54 000 000
  4. ETH $12 000 000
  5. IDR $3 970 000
  6. BNB $1 880 000
  7. INR $670 000
  8. TRY $100 000

Below are the diagrams of CARDANO trading volume distribution by currency pair in the preceding 24 hours.

STELLAR (XLM)

As of April 21, 2018:

  • Number of tokens in circulation: 18 569 637 341 XLM
  • 24-hour trading volume: 149 803 000 USD (17 123 BTC)
  • Capitalization: 6 909 056 408 USD (789 726 BTC)

Largest trading volume by currency pair in the preceding 24 hours:

  1. BTC $63 001 281
  2. KRW $51 000 000
  3. USDT $7 191 000
  4. USD $5 116 000
  5. ETH $4 995 000
  6. EUR $4 200 000
  7. CKUSD $4 180 000
  8. IDR $3 290 000
  9. TRY $1 405 000

Below are the diagrams of STELLAR trading volume distribution by currency pair in the preceding 24 hours.

IOTA (IOTA)

As of April 21, 2018:

  • Number of tokens in circulation: 2 779 530 283 IOTA
  • 24-hour trading volume: $92 904 700 USD (10 569 BTC)
  • Capitalization: $5 267 710 202 USD (599 253 BTC)

Largest trading volume by currency pair in the preceding 24 hours:

  1. BTС $400 967 73
  2. USD $29 097 239
  3. KRW $8 027 670
  4. USDT $6 724 112
  5. ETH $5 802 584
  6. EUR $837 041
  7. BNB $ 678 715
  8. INR $211 807
  9. GBP $182 842
  10. JPY $158 109

Below are the diagrams of IOTA trading volume distribution by currency pair in the preceding 24 hours.

NEO (NEO)

As of April 21, 2018:

  • Number of tokens in circulation: 65 000 000 NEO
  • 24-hour trading volume: $201 534 000 USD (23 032 BTC)
  • Capitalization: $4 785 833 000 USD (546 712 BTC)

Largest trading volume by currency pair in the preceding 24 hours:

  1. BTC $78 000 000
  2. USDT $71 000 000
  3. KRW $21 000 000
  4. USD $18 000 000
  5. ETH $10 000 000
  6. BNB $1 330 000
  7. GBP $880 000
  8. INR $690 000
  9. EUR $360 000
  10. INR $140 000

Below are the diagrams of NEO trading volume distribution by currency pair in the preceding 24 hours.

Conclusions

  • The total volume of Bitcoin-to-fiat trading operations is 520 289 BTC, most of which are represented by trades with Japanese yen (62%) and U.S. dollar (22%).
  • The total volume of BTC/USDT trades is 136 527 BTC, which exceeds BTC/USDT trades and operations with most other traditional currencies.
  • At present trading operations with Bitcoins represent 30.62% of the whole cryptocurrency market, while Altcoin trades represent 38%.
  • As shown by the analytical study of the TOP 10 cryptocurrencies by capitalization, most of the trading is conducted in pairs with BTC, KRW, USDT, USD, and ETH.
  • Trading volumes are also significant in pairs with INR, IDR, TRY, CNY, GBP. It is worth noting that the amount of trading operations involving the Russian ruble is extremely small.
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