A recent report by Kaiko has shed light on the distinctive market structure of Korean cryptocurrency markets, setting them apart from their counterparts around the world. While Bitcoin (BTC) and Ethereum (ETH) reign as dominant assets in most regions, Korean traders have showcased a clear preference for altcoins.
The data reveals that since the beginning of this year, XRP has emerged as the most heavily traded altcoin on Korean exchanges. Trading pairs of XRP against the Korean won (KRW) accounted for a staggering 12% of the total trading volume. Among other notable altcoins traded on the Korean market are Dogecoin (DOGE), SAND and Ethereum Classic (ETC), each holding a respectable 3-4% market share.
Tomiwabold OlajideU.Today previously reported on the unique affinity Korean crypto enthusiasts exhibited for XRP. In March, the volume of altcoin trading on South Korea's three largest exchanges skyrocketed, with XRP capturing the lion's share of the market. Major exchanges like Bithumb and Upbit saw altcoin accounting for 37% and 18% of their total trading volumes, respectively. Meanwhile, the smaller exchange, Korbit, witnessed a staggering 50% of its trading volume in XRP alone.
As the Korean market matures and evolves, we can expect to see more shifts in trading preferences and behaviors, reflecting the unique nature of this market and its relationship with emerging technologies and financial systems.
Yuri Molchan
Vladislav Sopov
Dan Burgin
Alex Dovbnya