DOGE and XRP top Bitcoin in Asia trading volume
This surge reflects growing interest in altcoins over Bitcoin in specific Asian regions
In a surprising shift within the cryptocurrency markets in Asia, Dogecoin (DOGE) and XRP have surpassed Bitcoin in trading volume on several prominent exchanges.
South Korea's crypto markets, known for their high retail activity, are leading this trend, with XRP and DOGE accounting for a significant portion of total trading volume on platforms like Upbit and Bithumb, Сryptopolitan stated.
This surge reflects growing interest in altcoins over Bitcoin in specific Asian regions. Market analysts attribute this to various factors, including Dogecoin’s active community engagement on social media and XRP’s recent legal clarity in its ongoing battle with the U.S. Securities and Exchange Commission (SEC).
That said, it's worth noting that both tokens have soared more than 100% in two weeks, largely due to an upcoming change in crypto regulation, Elon Musk's activism, and the government agency DOGE.
XRP and DOGE find favor among retail traders
Trading volumes over the last 24 hours on XRP and DOGE amounted to 30% of total activity on Upbit , and over 20% on Bithumb.
XRP’s resurgence is linked to its utility in cross-border payments and renewed investor confidence following its partial legal victory against the SEC earlier this year. Similarly, Dogecoin has maintained a strong presence in retail trading, bolstered by endorsements from high-profile figures and a persistent meme-driven culture.
South Korean retail traders, in particular, seem to favor these altcoins for their lower price points and the perceived potential for higher returns. On Upbit, XRP recently accounted for over 25% of total trading volume, surpassing Bitcoin and Ethereum. DOGE also saw a remarkable increase in volume, reflecting its enduring popularity in speculative trading.
Implications for Bitcoin and altcoin markets
Trading volumes over the last 24 hours on XRP and DOGE amounted to 30% of total activity on Upbit , and over 20% on Bithumb The shift in trading volume highlights an evolving dynamic in cryptocurrency adoption and investment strategies in Asia. While Bitcoin remains a dominant asset globally, the rise of altcoins like XRP and DOGE signifies a diversification of interest among traders. Analysts predict that this trend could drive further innovation in the cryptocurrency space as altcoins gain mainstream attention.
We also wrote that Bitcoin's price hit $94k after the debut of the $1.9 billion BlackRock ETF options on Nasdaq
