sk trading crypto

South Korea’s trading activity shifts from Bitcoin to altcoin

Data from market research company Messari and cryptocurrency site CoinMarketCap show that altcoins with smaller market capitalizations are now increasing in trading volume in South Korea. Interest in altcoins with smaller market capitalization has risen while Bitcoin trading activity has dropped.

According to Messari, the top three traded cryptos in the Korean UPbit exchange are Ravencoin (RVN), Near Protocol (NEAR) and New Kind of Network (NKN). With the increase in the volume of NKN in the South Korean exchanges, it is proof that altcoins are gaining their own ground in the crypto trading industry in the country.

The most well-known cryptocurrency exchanges in the country are Bithumb, Korbit, UPbit and Coinone. Shown data from CoinMarketCap states that the top four crypto exchanges of South Korea are dominated by smaller-cap tokens such as Chiliz (CHZ) and MileVerse (MVC). The trading activities of these altcoins are increasing by an average of 3,000%. Using altcoins for its significant gains as the best alternative to Bitcoin resulted in the decrease in the Bitcoin (BTC) trading volume in the crypto exchange market in South Korea. This event shows that there is a waning fervour for Bitcoin in the country.

XRP is a common choice for many crypto traders in Asia and remains the most traded altcoin across the exchange markets in South Korea. Local traders prefer altcoins because of their ‘face-melting’ gains which are gaining better exposure compared to Bitcoin which is already used in many different industries.

Bitcoin dropped around the range of 30% to 40% across the different exchanges. CEO of on-chain data company CryptoQuant Ki Young Ju said in an interview with cryptocurrency news site CoinDesk that the fall of Bitcoin happened after ‘UPbit announced withdrawal suspension’.

However, there are still instances when BTC experienced a rise in its price rate that reached up to $62,000 or 69,209,980 KRW. The trading average of BTC is $71,200 or 79,480,560 KRW across the four different crypto exchanges. Kimchi premium is said to be at about 13% as of the time of writing.

For more information about the latest cryptocurrency news and updates, find them all here at Cryptoshimbun!

Leave a Comment

Please enter CoinGecko Free Api Key to get this plugin works.