As a seasoned researcher with a keen interest in the dynamic world of cryptocurrencies, I find myself utterly captivated by the meteoric rise of retail cryptocurrency trading in South Korea. With my years of immersion in this fascinating digital realm, I’ve witnessed countless ups and downs, but this surge to $18 billion in a single day is nothing short of breathtaking.
In just a day, the value of cryptocurrency trading in retail markets of South Korea has soared beyond its own stock market by an impressive $4 billion, marking a significant milestone.
The surge was primarily fueled by significant transactions involving various alternative cryptocurrencies such as Ripple‘s XRP, Dogecoin, Stellar, Ethereum Name Service, and Hedera.
South Korea’s Retail Crypto Trading Hits $18 Billion
10x Research’s study shows that the value of retail cryptocurrency trading in South Korea reached an impressive $18 billion on December 2, which is the second-greatest amount traded this year so far.
In a significant turn of events, Ripple’s XRP took the lead, recording more than 6.3 billion dollars in trading volume. Dogecoin (DOGE) came in second with approximately 1.6 billion dollars, while Stellar Lumens (XLM) saw around 1.3 billion dollars worth of trades. Other notable cryptocurrencies included Ethereum Name Service (ENS), which recorded 900 million dollars, and Hedera Hashgraph (HBAR) with about 800 million dollars in trading volume.
10x Research’s founder, Markus Thielen, shared that this situation has led to one of the most significant discrepancies ever documented.
As a crypto investor, I’ve noticed that many of the digital currencies experiencing rapid growth are largely influenced by individual traders, often referred to as ‘retail traders’. They seize opportunities based on current trends, which in turn strengthens and perpetuates these momentum-driven patterns.
The expert pointed out that since Bitcoin‘s yearly funding rate stands at only 15%, and there has been a notable surge in altcoin trading, this strongly suggests the onset of an “altcoin rally” is imminent. He further recommended traders to maintain their composure and take advantage of these chances with caution.
Ripple XRP’s Gains
Over the last month, XRP has experienced an unprecedented surge in price, surpassing the $2.80 threshold for the first time since almost seven years ago. Currently, according to CoinGecko, each token is being traded at approximately $2.67. This is only 21.3% below its record high of $3.40 that was reached in January 2018.
As a result of this recent price increase, XRP now ranks as the third most valuable cryptocurrency in terms of market capitalization, surpassing both Solana (SOL) and Tether (USDT).
In simple terms, South Korea has significantly boosted the recent spike in cryptocurrency trading, as the daily XRP/KRW trade volume on Upbit, its largest crypto exchange, reached an impressive $3.8 billion on December 2nd. This amount is approximately 11 times greater than Bitcoin’s trading volume on the same platform.
Thielen’s findings additionally emphasized a worldwide trend leaning toward more accommodating cryptocurrency regulations. The trading landscape has evolved significantly following the 2016 U.S. presidential election, and given the incoming U.S. administration’s anticipated pro-cryptocurrency stance, he anticipates this positive momentum to continue.
Brad Garlinghouse, Ripple’s CEO, recently commented on how Trump’s victory has affected the crypto world, pointing out that U.S.-based cryptocurrency companies have thrived due to the Democratic party’s unfavorable attitude towards the industry. This assertion appears valid given XRP’s significant growth since then.
Thielen pointed out that South Korea, along with other nations, is becoming increasingly supportive of cryptocurrencies. He suggests this shift could potentially broaden the horizons for international digital asset trading.
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2024-12-04 07:31