SEOUL, South Korea – Surprisingly, XRP XRP 0.65% trading volume on South Korean exchange Bithumb has surpassed that of Bitcoin BTC 0.27%, according to data from CoinMarketCap. The development sparked interest and speculation in the cryptocurrency community, as XRP leads the renowned exchange in terms of trading volume.
The XRP/KRW trading pair on Bithumb currently accounts for 17.85% of the total trading volume, which equates to a staggering $30,818,226. This surpassed Bitcoin’s trading volume, cementing XRP’s position as the exchange’s most traded asset.
The impact of XRP surpassing Bitcoin in transaction volume is significant because XRP has yet to experience the kind of spikes that typically drive large increases in transaction activity.
Notably, XRP’s current downtrend is in sync with the broader cryptocurrency market. Over the past 24 hours, Bitcoin fell 1.16% to $30,456. Similarly, XRP lost 1.94% over the same period to close at $0.474. In the past 7 days, XRP has lost 4.14%.
Renowned cryptocurrency research firm Kaiko has been working hard to uncover the reasons behind XRP’s dominance and popularity (even surpassing Bitcoin) on South Korean cryptocurrency exchanges.
In his latest analysis published in early June, Kaiko highlighted the unique market structure of the South Korean cryptocurrency market. Interestingly, traders in this market prefer altcoins over Bitcoin and Ethereum ETH 0.85% as their primary assets.
According to Kaiko, XRP has become the largest altcoin in terms of year-to-date (YTD) trading volume.
The rise of XRP on Bithumb and its growing popularity in South Korea can be attributed to several factors. First, the South Korean market has a strong affinity for altcoins as they offer potential growth opportunities and diverse investment options. In addition, XRP has also successfully established strategic partnerships with well-known financial institutions in the country, which has strengthened its reputation and won the trust of local investors.
Industry experts expect further developments in the cryptocurrency space as XRP’s transaction volume surpasses that of Bitcoin on Bithumb. As South Korea remains an important player in the global cryptocurrency market, the country’s preferences and market dynamics are closely watched by enthusiasts and professionals alike.
The dominance of XRP in this particular market segment speaks to the ever-evolving nature of the cryptocurrency industry and its potential for dramatic shifts in market trends.
