Originally published on: December 03, 2024
Cryptocurrency trading among retail investors in South Korea has seen a significant surge, hitting $18 billion in trading volume in the last 24 hours. This surpasses the country’s stock market by 22%, as reported by 10x Research.
Markus Thielen, the founder of 10x Research, revealed that retail crypto trading volumes in South Korea reached their second-highest level of the year on December 2nd. The trading frenzy among South Korean traders was primarily focused on high-momentum altcoins.
XRP, the token of Ripple, dominated the trading volume with over $6.3 billion, followed by Dogecoin, Stellar, Ethereum Name Service, and Hedera. These tokens, known as “dino coins” in the crypto community, have experienced significant gains in the recent weeks, outperforming the overall market.
Thielen highlighted the relatively mild funding rate of Bitcoin, indicating a shift towards altcoin trading. He suggested that this trend signals the beginning of an “altseason.”
The surge in XRP’s price, which rose from $0.50 to $2.80 within a month, has propelled it to become the third-largest cryptocurrency by market capitalization, surpassing Solana and Tether.
With the altcoin market gaining momentum, retail investors are advised to adopt a strategic approach while remaining disciplined. The cryptocurrency industry in South Korea is experiencing a wave of activity, signaling an exciting period for traders and investors alike.