Bitget Research has released a report on the growing crypto and Web3 market in Japan, with over 350,000 daily traders. Here is the current data overview and future forecasts on the Japanese situation.
Bitget and the crypto market in Japan on the rise: over 350,000 daily traders
Bitget Research has released its report on the growing crypto and Web3 market in Japan, with daily traders surpassing the threshold of 350,000.
Only with this data, Japan is positioned today between the dimensions of the crypto market of Turkey and Indonesia and about two-thirds of those of South Korea.
Other important data from the report indicate that the adoption rates of CeFi and DeFi in the Japanese market are more or less equal, while the use of P2P trading is significantly lower than the global average.
Not only that, Japanese users also perform in trading of NFT and in the use of decentralized exchanges (DEX), showing a strong preference for blockchain-based platforms and metaverse games.
Furthermore, the market favors spot trading over derivatives, focusing mainly on tokens of mainstream and local projects, with a high interest in established projects.
In fact, Japanese users prefer spot trading of crypto such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL) and Dogecoin (DOGE), as well as tokens of local projects.
In this regard, Gracy Chen, Managing Director of Bitget, commented as follows:
“Japan, with its high sensitivity to cryptocurrencies, is a dynamic and rapidly evolving landscape. The research highlights the significant opportunities and trends within the cryptospace, making it a hotbed of emerging technology and mass adoption. We will continue to identify and support the growth and innovation potential of these markets”.
Bitget Research and the crypto market in Japan: future forecasts
Bitget Research has then released five main predictions for the future of the crypto market in Japan which, in general, describe a continuous increase.
In fact, in the first place, the report talks about a increase in participation of institutional and retail investors in the crypto market. This prediction is mainly based on the new global compliance policies and the event of the listing of crypto ETFs in the United States.
Next, the Japanese crypto market could see an increase in terms of the adoption rate of cryptocurrencies. In this sense, Japan should remain among the top 20 globally, with daily traders potentially reaching 500,000 by the end of 2024.
Another important point on which Bitget Research has built its forecast concerns the increase in interest and enthusiasm for local blockchain-based projects.
Here it could also happen that one or two blockchain game projects in Japan will receive substantial capital investments, positioning themselves as main players in the global cryptocurrency market.
Finally, the latest forecast refers to the increase in popularity of advanced crypto wallets, that is, those equipped with transaction aggregation features and NFT trading.
The survey by Nomura
These data and forecasts from Bitget add to another report that talks about the increase of the crypto market in Japan.
In fact, in mid-June, the Nomura report also highlighted that in Japan, the majority of institutional investors intend to become ‘crypto investors’.
In practice, 54% of the respondents said that in the next three years they will want to invest in cryptocurrencies.
Not only, 80% of the respondents stated that they will invest in crypto within a year.
Specifically, the survey involved more than 500 investment managers in Japan, coming from institutional investors, family offices, and public service companies in the country.
Another reported data also states that 62% of respondents consider cryptocurrency as a diversification opportunity.