XRP and DOGE Drive South Korea’s Crypto Trading Volumes to New Highs, Surpassing Stock Market Transactions

• South Korea’s retail cryptocurrency trading hit a record $18 billion in 24 hours, driven by significant trades in altcoins such as Ripple’s XRP and Dogecoin (DOGE).
• Ripple’s XRP, trading significantly high volumes, surged to become the third-largest cryptocurrency by market cap, surpassing Solana and Tether.

South Korea has recently witnessed a monumental shift in its financial landscape as cryptocurrency trading volumes have significantly outpaced those of the stock market. Over a 24-hour period, trading in digital currencies reached a staggering $18 billion, surpassing the stock market’s $14 billion performance.

This surge was predominantly fueled by heightened activity in several key altcoins, namely Ripple’s XRP, Dogecoin (DOGE), Stellar (XLM), Ethereum Name Service (ENS), and Hedera (HBAR).

Altcoin Surge in South Korea

The remarkable increase in crypto trading is a clear indicator of the shifting dynamics in South Korea’s financial sectors.

Ripple’s XRP led this charge with an overwhelming $6.3 billion in trades. It was closely followed by Dogecoin, which saw trades worth $1.6 billion, while Stellar and other notable cryptocurrencies also posted significant numbers.

According to Markus Thielen, founder of 10x Research, this trend is heavily influenced by retail traders who are exploiting and enhancing momentum-driven trends within the cryptocurrency markets.

Thielen points out that the relatively low funding rate for Bitcoin at just 15% annually, combined with a spike in altcoin trading, suggests a burgeoning altcoin season. He advises traders to approach this market with discipline to capitalize on the opportunities presented by these high-momentum cryptocurrencies.

Ripple’s XRP has not only led in trading volumes but has also seen a historic price rally, crossing the $2.80 mark for the first time in nearly seven years.

At the time of writing, XRP’s price slightly retracted to $2.67, positioning it just over 21% below its all-time high reached in January 2018. This surge has elevated XRP to the third-largest cryptocurrency by market capitalization, surpassing both Solana and Tether.

A significant portion of XRP’s trading activity has been concentrated on Upbit, South Korea’s largest cryptocurrency exchange, where the XRP/KRW trading volume reached $3.8 billion on December 2 alone.

This figure was eleven times higher than the trading volume of Bitcoin on the same platform, underscoring the intense local interest and investment in XRP.

Furthermore, global shifts toward more crypto-friendly policies have been instrumental in shaping trading behaviors. The election of President Trump in the United States, for example, has been linked to favorable conditions for cryptocurrencies due to the Democratic Party’s historically stringent stance on the sector.

Ripple CEO Brad Garlinghouse has commented on how U.S.-based crypto companies have thrived under these conditions, further buoyed by the impressive gains of XRP.

In conclusion, as South Korea and other nations adopt more supportive measures for cryptocurrencies, experts like Thielen believe that the global market for digital assets will continue to expand, offering broadened opportunities for traders and investors worldwide.

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