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XRP and DOGE Abnormally Take Over Bitcoin and ETH in South Korea: Kaiko

Thu, 06/01/2023 - 15:30
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Gamza Khanzadaev
Altcoins steal spotlight in South Korea with XRP and Dogecoin dominating trade
XRP and DOGE Abnormally Take Over Bitcoin and ETH in South Korea: Kaiko
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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.

Source: Kaiko

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.

XRP Trading Volume Jumps on Leading South Korean Crypto Exchanges, Here's Why

U.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.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.