In a remarkable display of investor engagement, retail trading volumes for cryptocurrency assets in South Korea have soared to $18 billion over the last 24 hours, surpassing the country’s stock market trading volume by 22%. This surge, as reported by 10x Research, marks a significant shift in investment dynamics within the nation.
Frenzy in Altcoins Drives Volume
According to Markus Thielen, founder of 10x Research, December 2 witnessed retail crypto trading volumes hitting their second-highest level for the year. South Korean traders have been actively engaging with a series of high-momentum altcoins, propelling significant trading activity.
These cryptocurrencies, driven mainly by retail investors, are significantly impacting the market through momentum-driven trading.
The report further details that cryptocurrencies such as XRP, Ethereum Name Service (ENS), and Hedera (HBAR)—often referred to as “dino coins” due to their longevity in the market—have seen major gains. In the last week alone, these tokens have registered impressive gains: XRP by 90%, ENS by 73%, and HBAR by 168%.
Thielen also pointed out the relative mildness of Bitcoin’s funding rate at 15% annualized, suggesting that the real action is now in the altcoin market. This divergence between a subdued Bitcoin performance and exploding altcoin trading volumes in Korea hints at the onset of an “altseason,” a period when altcoins significantly outperform Bitcoin.
Ripple’s XRP Rally
Ripple’s XRP has been particularly notable, staging a historic rally over the last month, with its price climbing from $0.50 to a new yearly high of $2.80 on December 2, according to TradingView data. This run-up has catapulted XRP past both Solana and Tether in market cap, making it the third-largest crypto asset by total value at the time of writing.
The significant influx of retail investment into the crypto market, especially in altcoins, reflects a broader trend of diversification within investment portfolios and an increasing shift towards digital assets among South Korean investors.
| Cryptocurrency | Trading Volume |
|---|---|
| Ripple’s XRP | $6.3 billion |
| Dogecoin | $1.6 billion |
| Stellar | $1.3 billion |
| Ethereum Name Service | $900 million |
| Hedera | $800 million |
The overwhelming surge in cryptocurrency trading in South Korea not only underscores the robust interest and optimism surrounding digital assets but also highlights the shifting paradigms in global finance. As traditional stock markets increasingly find themselves rivaled by the burgeoning crypto sector, it is clear that cryptocurrencies are carving out a significant niche. This dynamic could potentially reshape financial markets, offering both opportunities and challenges as new technologies and currencies emerge as powerful players in investment strategies.
