The data shows that investors in South Korea are focusing on several altcoin projects. Among these projects, XRP and more draw attention. Here are the details…
Investors in South Korea have these altcoin projects in focus
Transaction volumes on Upbit, one of the largest cryptocurrency exchanges in South Korea, attracted attention. Data on Upbit showcased which altcoins South Korean investors are turning to. Significant changes in their volumes caught the attention of market watchers, raising questions about the factors behind these sudden fluctuations. Transaction volume was particularly high for XRP, VET, ONG, WAVES and ALGO. Over $600,000 in volume has emerged for WAVES. This indicates that the volume has increased by over 100 percent in the last 24 hours.
The recent transaction volume for VeChain (VET) has increased from $12 million to $75 million. Algorand, on the other hand, jumped from $441,000 to $2 million in trading volume. Finally, the average volume for Ontology Gas, Ontology’s gas token, saw a 168 percent rise.
XRP also caught the attention of South Koreans
Also, the data shows that investors in the country have bought and sold XRP more than any other crypto in the past 24 hours. Thus, XRP continued to dominate the South Korean crypto market. This shows XRP confidence among Korean investors. In particular, XRP has become the most traded cryptocurrency on major Korean exchanges such as Bithumb, Upbit, and Coinone. According to data from popular market tracker CoinMarketCap, the crypto-asset has held its position while outpacing Bitcoin (BTC) and Ether (ETH).
Market data for the last 24 hours show that XRP trading volumes on these exchanges have experienced significant increases. This could indicate confirming the growing popularity of XRP in South Korea. Upbit, one of the country’s leading exchanges, reported a trading volume of $69,398,196 for XRP. This figure represents 10.87 percent of the total volume on the exchange. Similarly, Bithumb, one of the leading crypto exchanges in South Korea, witnessed a trading volume of $26,419,315, which marks a 22.20 percent market share for XRP.
Coinone, another reputable Korean exchange, recorded a trading volume of $6,437,311 for XRP. This value represents 22.73 percent of all trading volume on the stock market. The rise of XRP as the most traded asset on South Korean exchanges underscores its popularity. It highlights the strong demand for XRP among Korean traders. This increase in business activity has significantly impacted XRP’s global crypto market performance. As we reported on cryptokoin.com, most crypto assets were trading in the red last week. However, among the top ten, only XRP recorded a positive increase.
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