Home Altcoins News XRP Makes Shocking Move: Ousts Bitcoin as Most Traded Asset on Korean Exchange, Sending Shockwaves Through Crypto Market

XRP Makes Shocking Move: Ousts Bitcoin as Most Traded Asset on Korean Exchange, Sending Shockwaves Through Crypto Market

XRP vs Bitcoin

In a stunning twist of events, XRP, the sixth-largest cryptocurrency in terms of market capitalization, has dethroned Bitcoin as the most traded asset on the renowned South Korean exchange, Bithumb. The XRP/KRW trading pair has taken the spotlight, accounting for a significant 17.85% of total trading volumes, with a staggering value of $30,818,226, surpassing the trading volume of Bitcoin (BTC).

What makes this achievement even more extraordinary is the fact that XRP is not currently experiencing a surge that would typically drive such a substantial increase in trading volume. Instead, XRP’s performance appears to align with the broader cryptocurrency market, which has been subject to its fair share of fluctuations. Over the past 24 hours, BTC witnessed a slight decline of 1.16%, settling at $30,456, while XRP experienced a similar dip of 1.94%, landing at $0.474. Moreover, XRP encountered a 4.14% decline over the past seven days, further underlining the remarkable nature of its trading dominance.

The overwhelming dominance of XRP on South Korean exchanges, even surpassing Bitcoin, has captured the attention of analysts and researchers alike. Notably, Kaiko, a prominent cryptocurrency research firm, conducted an analysis in early June that shed light on the unique market structure of Korean crypto markets. The research revealed that traders in South Korea tend to favor altcoins over BTC and ETH as the major assets of choice. In this context, XRP has emerged as the most traded altcoin year to date (YTD), adding another layer of significance to its recent achievement.

Despite the general market conditions and the fluctuations observed, there are some positive signs for XRP that cannot be overlooked. On June 26, Santiment, a trusted on-chain analytics firm, highlighted a slight bullish signal for XRP due to mild trader capitulation. Santiment noted, “As crypto’s largest assets are ranging to start the week, XRP is showing a slight bullish sign due to mild trader capitulation. Historically, coins moving at a greater ratio at a loss compared to profit have a higher likelihood of rising in value.” This observation by Santiment raises the curiosity of market participants, as historical trends suggest that such movements in the market often precede price surges.

Crypto analyst Ali has also reported a notable spike in XRP’s active addresses, drawing parallels with historical precedents. He pointed out that the last three instances of XRP price surges were preceded by an increase in the number of active XRP addresses. Santiment’s on-chain data further supports this notion, as it recorded a significant spike in network activity over the past few days, prompting speculation about the possibility of history repeating itself.

The dominance of XRP on a prominent South Korean exchange and the emergence of potential bullish signals have undoubtedly captured the attention of traders and cryptocurrency enthusiasts worldwide. This recent development not only sheds light on the unique dynamics of regional crypto markets but also highlights the growing popularity of altcoins like XRP. As the cryptocurrency landscape continues to evolve and adapt, the exceptional performance of XRP in South Korea may have broader implications for the industry as a whole.

In conclusion, XRP’s recent achievement of surpassing Bitcoin as the most traded asset on Bithumb, a renowned South Korean exchange, has sent shockwaves through the cryptocurrency community. This significant milestone comes at a time when XRP’s performance aligns with the broader market, and its dominance on South Korean exchanges highlights the unique preferences of local traders. With potential bullish signals and historical precedents in play, the future trajectory of XRP in South Korea and beyond is an exciting prospect that has captivated the interest of traders and enthusiasts alike.

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Julie J

Julie is a renowned crypto journalist with a passion for uncovering the latest trends in blockchain and cryptocurrency. With over a decade of experience, she has become a trusted voice in the industry, providing insightful analysis and in-depth reporting on groundbreaking developments. Julie's work has been featured in leading publications, solidifying her reputation as a leading expert in the field.

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