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The Coin Rise 2024-12-03 09:16:52

South Korea’s Crypto Trading Volumes Skyrocket, Surpassing Stock Market Activity

South Korea’s Crypto Trading Volumes Skyrocket, Surpassing Stock Market Activity

South Korea retail trading volumes for cryptocurrencies surged to an impressive $18 billion within 24 hours, outpacing the nation’s stock market by 22%. According to a December 2 report by 10x Research, this marked the second-highest trading day of the year for crypto in South Korea, driven by retail investors’ interest in high-momentum altcoins. Ripple’s XRP emerged as the star of the day, recording over $6.3 billion in trading volumes. Other prominent tokens included Dogecoin (DOGE) at $1.6 billion, Stellar (XLM) at $1.3 billion, Ethereum Name Service (ENS) at $900 million, and Hedera (HBAR) at $800 million. The report highlights that these volumes reflect retail traders’ propensity to capitalize on short-term momentum, amplifying trends and injecting fresh enthusiasm into the market. Interestingly, these altcoins, often referred to as “dino coins” by crypto enthusiasts, have delivered remarkable returns in recent weeks. XRP has soared by 90%, ENS by 73%, and HBAR by a staggering 168%, outperforming broader market trends. XRP Rally Redefines Market Rankings Ripple’s XRP is at the forefront of South Korea’s crypto frenzy, setting a new yearly high of $2.80 on December 2. This impressive performance has propelled XRP to surpass Solana (SOL) and Tether (USDT) in market capitalization, making it the third-largest cryptocurrency globally. According to TradingView data, XRP’s price has climbed from $0.50 in early November, reflecting an extraordinary rally over just one month. The report’s author, Markus Thielen, attributes the surge to altseason dynamics—a market phase characterized by significant interest and trading activity in alternative cryptocurrencies, overshadowing Bitcoin. Thielen observed that Bitcoin’s funding rate, a metric often linked to perpetual futures activity, was “relatively mild” at 15% annualized, further signaling the shifting focus toward altcoins. “This divergence between subdued Bitcoin activity and skyrocketing altcoin trading volumes underscores the importance of strategic discipline in navigating the altcoin market,” Thielen noted. Market Implications of High Trading Volumes The surge in crypto activity reflects a growing appetite among South Korean retail investors for altcoins, particularly those with high volatility and potential for rapid gains. However, experts caution against over-leveraging during such momentum-driven phases, urging traders to remain cautious. As South Korea continues to lead in retail crypto engagement , the market dynamics are likely to fuel discussions about regulation and innovation within the country’s burgeoning cryptocurrency landscape. For now, the spotlight remains firmly on altcoins, with traders riding the wave of an explosive altseason. The post South Korea’s Crypto Trading Volumes Skyrocket, Surpassing Stock Market Activity appeared first on TheCoinrise.com .

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