While this crazy bull run has pushed up the entire cryptocurreny market cap to more than 50 billion dollars quickly for the first time according to the coinmarketcap.com, the Bitcoin dominance rate has sharply fallen to the all time low now nearing 50%.Some altcoiners are pointing it out as a legitimate trend and some even started gloating victoriously that “Bitcoin is dead and altcoins (or whatever coin they own) will take over from here”All the above is no secret and everyone in the space knows that already.
Maybe it’s because major Japanese banks are experimenting with Ripple technology and people here tend to have a lot of faith in banks and large institutions Ripple Labs is partnering with in Japan.
On the other hand, NEM is popular thanks to the strong backing of the platform from the Zaif exchange, one of the biggest exchanges in Japan along with bit Flyer and coincheck.
Among them, two of the most popular altcoins in Japan are XRP(Ripple) and XEM(NEM).
XRP has been popular for a long time in Japan for whatever the reason.
If you understand what’s happening in Japan, the whole picture becomes a bit clearer.