New Investigation Reveals That American Dollar Dominates BTC-Fiat Exchange
Bitcoin Fiat-trading has been dominated by the US dollar for the past month. According to information that was released by CryptoCompare, which conducted the research.
50% Market Domination
CryptoCompare released a report on the state of BTC in the digital money industry. The report showed that the American dollar signifies half of all Bitcoin-Fiat transactions. This trend was witnessed within a duration of one month.
Apart from the USD that takes a great proportion of the market share, there are other currencies that are also absorbing market share. They include the Japanese Yen and the Korean Won which respectively represent 21% and 16% of the total market share. Analysts predict that the US dollar may continue to dominate the market for a while. This is because it is a universally accepted currency across the globe and the most widely held reserve currency.
BTC to KRW trades have also recorded a significant increase from the previous period. Earlier, these trades only represented a tenth of BTC trades. However, KRW signified a third of all Bitcoin trades. Therefore, it increased by a margin of 230%. Bitcoinist further revealed that digital money trading volumes declined in South Korea last month. Other fiat monies that are among the top five include Euro, GBP, and PLN.
There Is A Shortage Of Decentralized Exchanges
The other shocking information from the report shows that there is a shortage of DEX. These exchanges are not easily accessible to traders.
As indicated by the examination, the aggregate normal 24h-volume average produced by the main 5 devolved trades is short of 2.4 million USD. This signifies only 0.4 percent of the aggregate trade volume.
In spite of the numerous problems surrounding this industry, users still have faith in integrated solutions. This finding is likely to annoy Vitalik Buterin who is the founder of ETH. He has openly opposed the idea of introducing consolidated exchanges.