XRP Surge Leads Pack On Upbit: Snapshot Of S.Korea’s Crypto Market

In the world of cryptocurrencies, XRP has surged ahead as the most traded asset on Upbit, South Korea’s top crypto exchange. Data from CoinMarketCap reveals that the XRP/KRW trading pair amassed a staggering $448.5 million in volume over the past 24 hours. This remarkable figure underscores XRP’s popularity among South Korean traders.

Trailing behind, though by a considerable margin, is the SHIB/KRW pair. Shiba Inu, the meme coin sensation, generated $178.5 million in trading volume. This places it second, though it falls well short of XRP’s numbers.

Bitcoin, often hailed as the king of cryptocurrencies, surprisingly takes the third spot. The BTC/KRW pair saw $171.4 million in trading volume. This shift highlights a unique trend in the South Korean market, where altcoins often outshine their more established counterparts.

South Korea stands out as a major crypto hub. Local traders have shown a marked preference for altcoins, driving substantial volumes on domestic exchanges. Notably, the Korean won surpassed the U.S. dollar in global trading volumes back in April, cementing South Korea’s influence in the crypto sphere.

The cryptocurrency craze in South Korea reached such heights that it became a talking point in the political arena. Earlier this year, candidates vied for the favor of crypto-enthusiastic voters, making digital currencies a key election issue.

XRP’s Market Activity

XRP’s recent performance has captivated the crypto community. The token’s price spiked amid speculation about a rumored settlement between Ripple and the U.S. Securities and Exchange Commission. However, the excitement was short-lived. When the meeting was canceled, XRP’s price took a dramatic plunge.

Meanwhile, Shiba Inu faced its own turbulence. The WarizX hack saw an attacker make off with approximately $100 million worth of SHIB tokens. This incident sent SHIB’s price down by 10%. Despite the setback, the price rebounded once the hacker sold off their stolen tokens.

In the dynamic world of cryptocurrencies, South Korea remains a focal point. With XRP leading the charge on Upbit, and the market’s ever-evolving landscape, traders and enthusiasts alike keep a close watch on the trends emerging from this crypto-savvy nation.