XRP Becomes Favorite Bet in South Korea, BTC, ETH Next
Chinese crypto blogger and journalist Colin Wu has tweeted that among investors of a certain age group, XRP is more popular than major cryptocurrencies Bitcoin and Ethereum in South Korea.
He shared a link to a recently published report by South Korean top exchange Bithumb.
20 year olds like XRP better than BTC and ETH
According to the Bithumb report, South Korean investors in their 20s prefer XRP as the major asset in their portfolio. Therefore, XRP's share in it constitutes 20.7% compared to Bitcoin and Ethereum — 17.5% together. Overall, the proportion of XRP in the portfolios of those in their 20s was around 3.2% higher than that of Bitcoin and Ethereum.
Data shows that investors in the 20-year-old age group in South Korea only accounted for 17.5% of their total investment in Bitcoin and Ethereum, and their favorite altcoin was XRP, accounting for 20.7%. The 30-year-old age group has the highest investment weighting in Bitcoin…
— Wu Blockchain (@WuBlockchain) August 23, 2023Advertisement
People of this age group show a tendency toward "aggressive investment," in comparison to other age groups in South Korea. Overall, they prefer altcoins to Bitcoin and Ethereum. Data for this year was analyzed for the current Bithumb report.
Overall, according to the report, 82.5% of investors in their 20s, whose portfolios were analyzed, preferred altcoins with higher volatility than Bitcoin and Ethereum.
Yuri MolchanHere's who values BTC and ETH over XRP, FLZ and DAR
The above-mentioned group differs from the age group of investors in their 30s; they prefer Bitcoin and Ethereum as assets into which to invest the biggest amount of their funds. The proportion of investment in BTC and ETH among people of this age group is 28.2%. For those in their 40s it is 21.7%, in their 50s 22.2%, and for those 60s and older 23.0%, the report states.
As for the proportion of investment in XRP, it was spread as follows: people in their 20s, 20.7%; 30s, 17.0%; 40s, 11.8%; 50s, 14.9% and 60s and older, 13.8%.
The next most popular altcoins after XRP for 20 year olds were Fellaz (FLZ), ranked 2,296th by market cap, 5.8%, and Mines of Dalarnia (DAR), ranked 449th by market cap, 3.0%.
These two coins were listed by Bithumb on March 31 and Jan. 27, respectively.
Cryptocurrency expert Kim Dong-hwan, chief of Wonderfame, believes the love of people in their 20s for XRP and smaller, lesser-known altcoins, has to do with the fact that they are inclined to aim at quick profits rather than long-term investments.
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