Originally published on: December 03, 2024
In an exciting turn of events, retail trading volumes for cryptocurrency assets in South Korea have reached a staggering $18 billion in just 24 hours, outshining the country’s stock market by an impressive 22%. This data comes from the latest report by 10x Research, where founder Markus Thielen highlighted the significant surge in retail crypto trading volumes on December 2nd, marking the second-highest level of the year.
South Korean traders are currently captivated by a series of “high momentum” altcoins, with Ripple’s XRP token leading the charge at over $6.3 billion in trading volume. Dogecoin and Stellar followed closely behind, showcasing volumes of $1.6 billion and $1.3 billion, respectively. Ethereum Name Service and Hedera also made waves in the market with $900 million and $800 million in trading volume, respectively.
Interestingly, XRP, ENS, and HBAR, known as “dino coins” in the crypto community, have been standout performers, with gains of 90%, 73%, and 168% in the past week. This surge in altcoin activity combined with a relatively mild 15% annualized Bitcoin funding rate indicates a clear shift towards an “altseason.”
As altcoins continue to steal the spotlight, it’s crucial for traders to strategize and stay disciplined to ride these market waves successfully. Ripple’s XRP, in particular, has soared to new heights, reaching a yearly high of $2.80 from $0.50 just a month ago. This remarkable rally has propelled XRP to become the third-largest crypto asset by total value, surpassing the likes of Solana and Tether.
With the crypto market showing no signs of slowing down, it’s essential to stay informed and adapt to emerging trends to capitalize on financial opportunities. Stay updated on the latest business trends in blockchain and crypto by subscribing to our Crypto Biz newsletter for a weekly snapshot of key insights and market shifts. Subscribe now and navigate the world of crypto with confidence!
