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The sixth largest cryptocurrency by market capitalization, XRP, has eclipsed Bitcoin as the most traded asset on South Korean exchange Bithumb.
According to CoinMarketCap, XRP has surpassed Bitcoin in terms of trading volume on Bithumb, one of South Korea's largest crypto exchanges.
On the Bithumb exchange, the XRP/KRW trading pair accounted for 17.85% of all volumes, totaling $30,818,226, and is the most traded asset, surpassing Bitcoin (BTC).
XRP overtaking Bitcoin in trading volume at the moment remains significant because XRP is not experiencing a surge that would fuel a massive increase in trading volume. XRP is falling in step with the rest of the cryptocurrency market. In the last 24 hours, BTC was down 1.16% to $30,456.
XRP was likewise down by 1.94% in the last 24 hours to $0.474 and down 4.14% in the last seven days.
Kaiko, a cryptocurrency research firm, tries to unravel the reason for XRP's dominance and popularity on Korean crypto exchanges, which is surpassing that of Bitcoin.
In an analysis released at the start of June, Kaiko noted that Korean crypto markets have a very unique market structure. This is because traders prefer altcoins to BTC and ETH as the major assets. Kaiko went on to say that XRP is the most traded altcoin year to date (YTD).
XRP shows slight bullish sign
On June 26, on-chain analytics firm Santiment highlighted that XRP was showing a slight bullish sign due to mild trader capitulation. "As crypto's largest assets are ranging to start the week, XRP is showing a slight bullish sign due to mild trader capitulation. Historically, coins moving at a greater ratio at a loss compared to profit have a higher likelihood of rising in value," Santiment wrote.
Crypto analyst Ali reports a spike in XRP active addresses, citing historical precedent in this case: "The last three instances when XRP price jumped were preceded by a spike in the number of active XRP addresses. On-chain data from Santiment has recorded a spike in network activity over the past few days. Could history repeat itself?"
Dan Burgin
Alex Dovbnya