According to Kaioko’s latest report, Ripple has become the most sought-after altcoin in South Korea. Also, the popular meme coin Dogecoin and metaverse coin The Sandbox (SAND) managed to attract the attention of Koreans. On the other hand, even the footnotes of Bitcoin and Ethereum sitting on the leadership throne in the market were not read.
South Koreans prefer altcoins like XRP, SAND and DOGE!
Analytical firm Kaiko has penned a report analyzing the crypto market in South Korea. The findings in the report are quite interesting and remarkable. So, the report sheds light on the unique market structure of South Korean crypto markets. Thus, it reveals the different aspects of this market from its counterparts in the world.
As you know, there are two main players in the crypto market: the leading crypto Bitcoin (BTC) and the leading altcoin Ethereum (ETH). These two cryptoassets reign as dominant cryptos in most regions of the world. However, this is not the case in South Korea. Because Korean traders prefer altcoins such as XRP, DOGE and SAND.
Source: KaikoData from the analytics firm reveals that since the beginning of this year, XRP has emerged as the most heavily traded altcoin on Korean exchanges. This altcoin’s trading pairs against the Korean won (KRW) account for 12% of the total trading volume. In addition, Dogecoin (DOGE), Sandbox (SAND), and Ethereum Classic (ETC) are among other important altcoins in demand in the South Korean crypto world. Each of these altcoins has a considerable market share of 3-4% in the Korean market.
cryptocoin.com As you follow, Korean crypto traders and investors have long been positive about XRP. Meanwhile, altcoin trading volume continues to rise rapidly on South Korea’s three largest exchanges. In this environment, XRP has captured the lion’s share of the market. Major exchanges like Bithumb and Upbit account for 37% and 18% of the altcoin’s total trading volumes, respectively. Meanwhile, Korbit, a smaller exchange, witnessed an astonishing 50% of trading volume in XRP alone.
Why this interest in South Korea?
The report shows that XRP is the preferred option for millennials in South Korea. Driving factors behind altcoin’s rise: The increase in altcoin trading in South Korea can be attributed to several factors. First, the availability of trading pairs against the Korean won (KRW) has made it easier for local investors to access the altcoin markets. In addition, the recent performance and positive sentiment surrounding altcoins like XRP and DOGE has generated increased interest and speculation among traders. Millennials in South Korea are actively seeking various investment opportunities beyond traditional cryptocurrencies.
The rise of altcoins, especially XRP and DOGE, in South Korea expresses the changing preferences of millennials and the potential for market shifts in different regions. This increase in altcoin trading activity marks a shift towards a more diverse and vibrant crypto environment, signaling a growing appetite for alternative cryptocurrencies.
We are witnessing increasing popularity of DOGE, SAND and ETC in South Korea. However, XRP continues to dominate South Korea’s altcoin trading scene. This highlights the dynamic nature of South Korea’s cryptocurrency market. There is an increase in altcoin trading activities among the South Korean millennials. This shows that their interest in diversified cryptoassets has increased. Presumably, these trends will shape the broader cryptocurrency landscape as the market continues to evolve. Thus, it will also affect trade patterns around the world.
